Nanometric iron(III) oxide has been of great interest in a wide range of fields due to its magnetic properties, eminent biochemical characteristics, and potential for technological applications. Among iron oxides, ε-Fe2O3 is considered as a remarkable phase due to its giant coercive field at room temperature and ferromagnetic resonance capability. Here we present the first size-dependent phase map for ε-Fe2O3 via a γ → ε → α pathway together with the activation energies for the phase transformations, based on X-ray powder diffraction (XRD) and high-resolution transmission electron microscopy (HRTEM). HRTEM images of ε-Fe2O3 nanocrystals show both inversion and pseudohexagonal twins, which are fundamentally important for understanding the correlation between its nanostructure and magnetic properties. Two activation energies for γ-Fe2O3 → α-Fe2O3 phase transformations are 186.37 ± 9.89 and 174.58 ± 2.24 kJ mol–1, respectively. The results provide useful information about the size, crystal structure, and transformation of the nanometric iron oxide polymorphs for applications in areas of developing engineered materials.