A series of Y2O3 nanoparticles of average particle size 19–37 nm are synthesized by a glycine-nitrate method. Room temperature ferromagnetism is observed in all samples. The magnetization of these samples decreases with increasing annealing temperature, showing a size-dependent ferromagnetism. Vacuum-heating effect on the ferromagnetism is also investigated, which indicates that the observed ferromagnetism is possibly associated with oxygen defects. Interestingly, an aging behavior of the ferromagnetism is observed when the sample is exposed to air or immersed in ethanol. These results further support the oxygen-vacancy-mediated ferromagnetism mechanism.