A method of synthesizing magnetic nanoparticles comprising soft magnetic phases is provided, wherein the method comprises degassing a first mixture at a temperature in a range from about 80° C. to 130° C. The first mixture comprises a solvent, a compound comprising iron, cobalt, or combinations thereof dissolved in the solvent, and an organic component comprising a fatty acid or an amine. Degassing the first mixture is followed by adding a capping ligand to the first mixture under inert atmosphere to form a second mixture; adding a reducing agent to the second mixture at a temperature in a processing temperature range from about 250° C. to about 350° C. to form a third mixture; and incubating the third mixture at a temperature within the processing temperature range to form nanoparticles comprising a soft magnetic phase.