We report structure/property relationships in bicrystalline α-Fe2O3 nanowires (NWs) and nanoblades (NBs), synthesized by thermal oxidation of iron foils with different surface roughness. The electrical properties of individual nanostructures were studied by in situ transmission electron microscopy. Current-voltage (I-V) measurements using gold electrodes showed that a Schottky contact forms between α-Fe2O3 NWs whereas an ohmic contact forms between α-Fe2O3 NBs. The difference in transport properties is attributed to the existence of oxygen vacancies in the coincidence-site-lattice boundary region of α-Fe2O3 NBs. Magnetic measurements indicate that the temperature-dependent zero-field-cooled magnetization rises more rapidly near the Morin transition temperature for α-Fe2O3 NBs than that for NWs. The distinct magnetic properties of the NBs are ascribed to the enhanced magnetic order induced by the structural order in the two-dimensional NBs. These α-Fe2O3 NBs are promising building blocks for electronic and magnetic devices since their 2D geometries facilitate integration into devices with realistic pathways to manufacturing. In addition, our study shows that boundary engineering is an effective approach for tailoring the physical properties of nanomaterials.