Iron is said to be very ubiquitous among all transition metals and also available profusely in the earth’s crust. Using nanotechnology, several types of iron oxide nanoparticles have been synthesized. As previously reported Iron in the nanoscale (1-100nm) can show very potent catalytic, magnetic and antibacterial properties. This study shows that iron oxide nanoparticles are synthesized using a green, eco-friendly and economical route method synthesized particles are more stable and biocompatible due to the use of biological entities. The leaves extract of ‘Saraca asoca’ was used for the bio fabrication of Iron Oxide Nanoparticles. Phytoconstituents such as tannins, flavonoids, etc. may act as reducing and capping agents which also enhanced the functional properties of the synthesized nanoparticles. The characterization of the nanoparticles were investigated by FTIR and PXRD techniques. The FITR interprets that these particles were synthesized by the stabilizing functional groups. Powder XRD patterns interpret the crystallites to be cubic and face-centered with less than 100 nm in size. This study highlights the biosynthesis and possible potential application of these nanoparticles that can be further explored in the field of biomedicine, bioengineering, bioremediation, and biosorption.