Fe3O4 ferrofluids with uniform magnetic particles were prepared via improved chemical coprecipation technique. A narrow distribution of 8.6-10.8 nm particle sizes was obtained from the magnetization curve using the free-form-model based on Bayesian inference theory. The mean particle diameter about 9.8 nm is consistent with the XRD and SEM results. The hydrodynamic properties of ferrofluids were investigated with different applied magnetic field and shear rate. The experimental results show that diluted ferrofluid and concentrated ferrofluid are Newtonian-fluid and Bingham-plastic fluid, respectively.