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Applications of nanoparticles as drug delivery systems for anticancer therapeutics have great potential to revolutionize the future of cancer therapy. In the present study, Fe3O4 nanoparticles were synthesized by co-precipitation method in the alkaline pH medium. The synthesized nanoparticles were characterized by X- ray diffraction and high resolution scanning electron microscope techniques. These analyses reveal the formation of agglomerated single phase Fe3O4 nanoparticles with average crystallite size of 8 nm. The emulsification solvent evaporation method was employed to prepare anti-cancer drug cisplatin loaded biodegradable poly (D, L-lactide) coated magnetic carriers. Fourier transform infrared spectroscopy shows the presence of cisplatin loaded poly(D,L-lactide) coating on the surface of Fe3O4 nanoparticles. Cisplatin loading efficiency and kinetics of drug release in-vitro were investigated by UV-Vis spectrophotometer. The loading efficiency of the drug was found to be 80% and from that 53% of the drug was released over a period of 70 h in phosphate buffer saline (pH 7.4) at ~ 37°C.