Magnetite is a ferrimagnetic
In physics, a ferrimagnetic material is one in which the magnetic moments of the atoms on different sublattices are opposed, as in antiferromagnetism; however, in ferrimagnetic materials, the opposing moments are unequal and a spontaneous magnetization remains...

A mineral is a naturally occurring solid chemical substance formed through biogeochemical processes, having characteristic chemical composition, highly ordered atomic structure, and specific physical properties. By comparison, a rock is an aggregate of minerals and/or mineraloids and does not...

 with chemical formula Fe
Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal in the first transition series. It is the most common element forming the planet Earth as a whole, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust...

Oxygen is the element with atomic number 8 and represented by the symbol O. Its name derives from the Greek roots ὀξύς and -γενής , because at the time of naming, it was mistakenly thought that all acids required oxygen in their composition...

4, one of several iron oxide
Iron oxide
Iron oxides are chemical compounds composed of iron and oxygen. All together, there are sixteen known iron oxides and oxyhydroxides.Iron oxides and oxide-hydroxides are widespread in nature, play an important role in many geological and biological processes, and are widely utilized by humans, e.g.,...

s and a member of the spinel
Spinel is the magnesium aluminium member of the larger spinel group of minerals. It has the formula MgAl2O4. Balas ruby is an old name for a rose-tinted variety.-Spinel group:...

 group. The chemical IUPAC name is iron(II,III) oxide
Iron(II,III) oxide
Iron oxide is the chemical compound with formula Fe3O4. It is one of a number of iron oxides, the others being iron oxide , which is rare, and iron oxide also known as hematite. It occurs in nature as the mineral magnetite. It contains both Fe2+ and Fe3+ ions and is sometimes formulated as FeO ∙...

 and the common chemical name is ferrous-ferric oxide. The formula for magnetite may also be written as FeO·Fe2O3, which is one part wüstite
Wüstite is a mineral form of iron oxide found with meteorites and native iron. It has a gray color with a greenish tint in reflected light. Wüstite crystallizes in the isometric - hexoctahedral crystal system in opaque to translucent metallic grains. It has a Mohs hardness of 5 to 5.5 and a...

 (FeO) and one part hematite
Hematite, also spelled as haematite, is the mineral form of iron oxide , one of several iron oxides. Hematite crystallizes in the rhombohedral system, and it has the same crystal structure as ilmenite and corundum...

 (Fe2O3). This refers to the different oxidation states of the iron in one structure, not a solid solution
Solid solution
A solid solution is a solid-state solution of one or more solutes in a solvent. Such a mixture is considered a solution rather than a compound when the crystal structure of the solvent remains unchanged by addition of the solutes, and when the mixture remains in a single homogeneous phase...