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It is known as Iron(II,III) Oxide or Ferrous-Ferric Oxide, but its IUPAC name is

Iron(II) Di-iron(III) Oxide. It has the formula FeO.Fe2O3 but it is generally known as Fe3O4. It is formed by chemical combination of Iron(II) Oxide with Iron(III) Oxide. It has a special property different from the other 2 oxides, as it is exhibits Magnetism. It exists naturally in the Earth in form of Magnetite (or Lodestone) mineral. Some similar Compounds are Mn3O4, Pb3O4 etc.

When iron is molten it reacts with water (vapor) to form [Fe3O4]

3 Fe + 4 H2O ----> Fe3O4 +4 H2

It can also be prepared by reduction of Iron(III) Oxide using Hydrogen(H2) or Carbon Monoxide(CO)

3 Fe2O3 + H2 ----> 2 Fe3O4 + H2O

or

3 Fe2O3 + CO ---->2 Fe3O4 + CO2

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