Nanoparticles promise to revolutionize the way we think of ordinary materials thanks to the new features such small structures exhibit which include strength, durability, optical and magnetics properties. Magnetic iron oxide nanoparticles (IONPs) are a prominent class of NMs because of their potential application in magnetic separation, hyperthermia, targeted drug delivery, and catalysis. Most synthetic nanoparticulate platforms rely on the use of tough chemical procedures associated with unfriendly, harmful and costly reactants. For this reason, bio-inspired approaches have become the most successful alternatives to fabricate nanomaterials in an "eco-friendly" manner, and many bio-protocols that make use of substrates from plants and microorganisms have been successfully applied in the synthesis of magnetic IONPs. In this review, the main biosynthesis protocols applied in the synthesis of iron oxide nanoparticles are discussed. A discussion on the challenges for a second stage perspective which would be a large scale production is also given.