Using a developed co-precipitation method, we synthesized spherical Fe3O4 nanoparticles with a wide nonlinear absorption band of visible radiation. Optical properties of the synthesized nanoparticles dispersed in an optically transparent copolymer of methyl methacrylate with styrene were studied by optical spectroscopy and z-scan techniques. We found that the electric polarizability of Fe3O4 nanoparticles is altered by low-intensity visible radiation (I ≤ 0.2 kW/cm2; λ = 442 and 561 nm) and reaches a value of 107 Å3. The change in polarizability is induced by the intraband phototransition of charge carriers. This optical effect may be employed to improve the drug uptake properties of Fe3O4 nanoparticles. PACS: 33.15.Kr78.67.Bf42.70.Nq.