Provided are a preparation method of iron oxide-based paramagnetic or pseudo-paramagnetic nanoparticles, iron oxide-based nanoparticles prepared by the same, and a T1 contrast agent including the same. More particularly, the disclosure describes a method for preparation of iron oxide nanoparticles having a extremely small and uniform size of 4 nm or less based on thermal decomposition of iron oleate complex, iron oxide-based paramagnetic or pseudo-paramagnetic nanoparticles prepared by the same, and a T1 contrast agent including iron oxide-based paramagnetic or pseudo-paramagnetic nanoparticles.