Microwaves are routinely used in the contemporary chemical synthesis of nanomaterials to increase the reaction kinetics and reduce the reaction time. In the present investigation, microwaves have been used in two step solvothermal and combustion method for the synthesis of iron oxide (α-Fe₂O₃) nanostructures. The structural examination reveals formation of hematite phase of iron oxide. Morphological analysis shows formation of sheet and rod-like morphologies depending on reaction conditions. Owing to such morphologies enabling relatively large surface to volume ratio, these nanostructures can find useful applications in supercapacitors, photocatalysis and sensors.