Iron oxide nano contrast agents for Magnetic Resonance Imaging which have superior T2 contrast effect, and also can be used as a storage or a carrier for drugs and so on, are disclosed. The iron oxide nano contrast agents can be prepared by the steps of: coating surfaces of hydrophobic FeO nanoparticles with a coating material selected from the group consisting of polyethylene glycol-phospholipid conjugate, dextran, chitosan, dimercaptosuccinic acid and mixtures thereof in an organic solvent to form hydrophilic FeO nanoparticles having hydrophilic surfaces and dispersibility in water; dispersing the hydrophilic FeO nanoparticles in water to oxidize FeO; and exposing the oxidized hydrophilic FeO nanoparticles to an acidic buffer to dissolve and remove interior unoxidized FeO portions, and thereby to form Fe3O4 nanoparticles having an interior space.