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Composite nanoparticles consisting of gold and magnetic iron oxide were synthesized in an aqueous solution system by sonochemical and radiochemical processes. Small Au nanoparticles were immobilized on the surface of the iron oxide nanoparticles. Removal of the excess polymers in the solution leads to the good dispersibility of the composite nanoparticles. The composite nanoparticles are expected as a type of nanocarrier for biomedical applications.