We report the evolution of magnetism in bioglass ceramics 41CaO.(52-x)SiO2.4P2O5. xFe2O3.3Na2O (2 ≤ x ≤ 10 mole % Fe2O3) prepared by melt quenching technique followed by heat treatment at 1050 oC. The structural investigation revealed the presence of magnetite phase in the heat treated samples with x ≥ 2 mole % Fe2O3. Room temperature magnetic measurements showed a very weak ferrimagnetic behaviour for the sample with x = 2 mole % of Fe2O3. Samples with x > 2 mole % of Fe2O3 exhibited magnetic behavior similar to soft magnetic materials with low coercivity. The evolution of magnetic properties in these samples as a function of Fe2O3 molar concentration is correlated with the amount of magnetite phase present in them.