Magnetite nanoparticles with different surface coverages are of great interest for many applications due to their intrinsic magnetic properties, nanometer size, and definite surface morphology. Magnetite nanoparticles are widely used for different medical-biological applications while their usage in optics is not as widespread. In recent years, nanomagnetite suspensions, so-called magnetic ferrofluids, are applied in optics due to their magneto-optical properties. This review gives an overview of nanomagnetite synthesis and its properties. In addition, the preparation and application of magnetic nanofluids in optics, nanophotonics, and magnetic imaging are described.