A simple, yet novel process was developed where magnetic graphene-CdS (Fe 3 O 4 -CdS/G) nanocomposites were prepared by a one-pot solvothermal route in which the reduction of graphite oxide (GO) into graphene was accompanied by the generation of CdS and Fe 3 O 4 nanoparticles. The results of TEM and XRD studies indicate the formation of Fe 3 O 4 -CdS/G nanocomposites. Besides vibration sample magnetometry, fluorescence spectra and loading of doxorubicin (DOX) reveal that this new nanocomposite possesses good superparamagnet (44.85 emu/g), good fluorescent properties and a high loading efficiency (0.98mg/mg). The efficient, stable, and water soluble nanocomposites are confirmed to be suitable for biomedical applications.