Abstract: Herein we demonstrate that meticulous and in-depth analysis of the reaction mechanisms of nanoparticle formation is rewarded by full control of size, shape and crystal structure of superparamagnetic iron oxide nanocrystals during synthesis. Starting from two iron sources – iron(II)- and iron(III) carbonate -a strict separation of oleate formation from the generation of reactive pyrolysis products and concomitant nucleation of iron oxide nanoparticles was achieved. This protocol enabled us to analyze each step of nanoparticle formation independently in depth. Progress of the entire reaction was monitored via matrix-assisted laser desorption ionization time-of-flight mass spectrometry (MALDI-TOF MS) and gas chromatography (GC) gaining insight into the formation of various iron oleate species prior to nucleation. Interestingly, due to the intrinsic strongly reductive pyrolysis conditions of the oleate intermediates and redox process in early stages of the synthesis, pristine iron oxide nuclei were composed exclusively from wustite, irrespective of the oxidation state of the iron source. Controlling the reaction conditions provided a very broad range of size- and shape defined monodisperse iron oxide nanoparticles. Curiously, after nucleation star shaped nanocrystals were obtained, which underwent metamorphism towards cubic shaped particles. EELS tomography revealed ex post oxidation of the primary wustite nanocrystal providing a full 3D image of Fe2+ and Fe3+ distribution within. Overall, we developed a highly flexible synthesis, yielding multigram amounts of well-defined iron oxide nanocrystals of different sizes and morphologies.