Fractional variational iteration method (FVIM) is performed to give an approximate analytical solution of nonlinear fractional Riccati differential equation. Fractional derivatives are described in the Riemann-Liouville derivative. A new application of fractional variational iteration method (FVIM) was extended to derive analytical solutions in the form of a series for these equations. The behavior of the solutions and the effects of different values of fractional order 𝛼 are indicated graphically. The results obtained by the FVIM reveal that the method is very reliable, convenient, and effective method for nonlinear differential equations with modified Riemann-Liouville derivative