The purpose of this paper is to introduce a modification of Fast Inverse Square Root (FISR) approximation algorithm with reduced relative errors. The original algorithm uses a magic constant trick with input floating-point number to obtain a clever initial approximation and then utilizes the classical iterative Newton-Raphson formula. It was first used in the computer game Quake III Arena, causing widespread discussion among scientists and programmers, and now it can be frequently found in many scientific applications, although it has some drawbacks. The proposed algorithm has such parameters of the modified inverse square root algorithm that minimize the relative error and includes two magic constants in order to avoid one floating-point multiplication. In addition, we use the fused multiply-add function and iterative methods of higher order in the second iteration to improve the accuracy. Such algorithms do not require storage of large tables for initial approximation and can be effectively used on field-programmable gate arrays (FPGAs) and other platforms without hardware support for this function.