Ultrafine iron oxide powder, {{{{ gamma }}-Fe2O3 and $alpha$-Fe2O3, were prepared by the thermal decomposition of organometallic compounds. The formation process of powder includes the thermal decomposition and oxidation of the organometallic precursors, Fe(N2H3COO)2(N2H4)2 (A) and N2H5Fe(N2H3COO)3.H2O (B). The organometallic precursors, A and B, were synthesized by the reaction of ferrous ion with hydrazinocarboxylic acid, and characterized by quantitative analysis and infrared spectroscopy. The mechanistic study for the thermal decomposition was performed by DAT-TG. The iron oxide powder was obtained by the heat treatment of the precursors at 20$0^{circ}C$ and $600^{circ}C$ for half an hour in air. The phases of the resulting product were proved {{{{ gamma }}-Fe2O3 and $alpha$-Fe2O3 respectively. The particle shape was equiaxial and the particle size was less than 0.1 ${mu}{ extrm}{m}$. Magnetic properties of the {{{{ gamma }}-Fe2O3 powder obtained from A and B was 234 Oe of coercivity, 64.26 emu/g of saturation magnetization, 23.59 emu/g of remanent magnetization and 24.1 Oe, 47.27 emu/g, 3.118 emu/g respectively. The value of $alpha$-Fe2O3 powder was 1.494 Oe, 0.4862 emu/g, 0.1832 emu/g and 1,276 Oe, 0.4854 emu/g, 0.1856 emu/g respectively.