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Superparamagnetic iron oxide nanoparticles are much desired for various biomedical applications due to their biocompatible, biodegradable and superparamagnetic nature. In contrast to high-temperature synthesis methods, present study investigates the facile low-temperature co-precipitation process without inert atmosphere. For its efficient, homogenous, in core heating and environment friendly nature microwave energy at two powers of 180 and 450 W was used for synthesis and functionalisation of nanoparticles. It was found in the study, that microwave power plays a decisive role in controlling the size, coating and drug loading percentage of the particles. The synthesis process has been made more economic and simpler by the use of domestic oven, and serine coated particles with mean sizes around 6.8 and 10 nm, narrow size distribution (standard deviations of 1.4 and 1.6 nm), almost rectangular shape and magnetization values of approx. 48 and 42 emu/g were obtained at 180 and 450 W power, respectively. Particles were found to have properties such as near to zero remanence and coercivity, good crystallization and colloidal stability. The biocompatibility of the uncoated and serine coated particles was confirmed by the MTT assay on A 549 epithelial cells. Synthesized particles were found to have all the suitable properties for potential application in biomedical fields. Doxorubicin hydrochloride was loaded efficiently on both the synthesized particles, with loading efficiency obtained up to 6.8% wt/wt, for assessing their suitability as potential drug delivery agents.