Cobalt ferrite magnetic nanostructures were synthesized via a high temperature solution phase method. Spherical nanostructures of various sizes were synthesized with the help of seed mediated growth of the nanostructures in organic phase, while faceted irregular (FI) cobalt ferrite nanostructures were synthesized via the same method but in the presence of a magnetic field. Magnetic properties were characterized by SQUID magnetometry, relaxivity measurements and thermal activation under RF field, as a function of size and shape. The results show that the saturation magnetization of the nanostructures increases with an increase in size, and the FI nanostructures exhibit lower saturation magnetization than their spherical counterparts. The relaxivity coefficient of cobalt ferrite nanostructures increases with increase in size; while FI nanostructures show a higher relaxivity coefficient than spherical nanostructures with respect to their saturation magnetization. In the case of RF thermal activation, the specific absorption rate (SAR) of nanostructures increases with increase in the size. The contribution sheds light on the role of size and shape on important magnetic properties of the nanostructures in relation to their biomedical applications.