We report on the magnetic iron boron nitride (BN) nanoceramic fabricated by a hot‐pressing (HP) method. Structural, magnetic and ac electrical conductivity studies have been performed. It was found that the material has core–shell structure where BN layers coat Fe cores. The iron cores consist of the mixture of crystalline and amorphous phases or are single crystalline. The magnetization measurements showed the expected high values of magnetic saturation and neither BN coating, nor increased strain affect the magnetic properties of this material, whereas other physical properties such as resistivity or hardness are significantly improved. The high magnetic saturation of the Fe:BN nanoceramic combined with relatively high resistivity makes this material very promising for radiofrequency application.