Nanoscale objects that combine high luminescence output with a magnetic response may be useful for probing local environments or manipulating objects on small scales. Ideally, these two properties would not interfere with each other. In this paper, we show that a fluorescent polymer host material can be doped with high concentrations of 20-30 nm diameter magnetic γ-Fe2O3 particles and then formed into 200 nm diameter nanorods using porous anodic alumina oxide templates. Two different polymer hosts are used: the conjugated polymer polydioctylfluorene and also polystyrene doped with the fluorescent dye Lumogen Red. Fluorescence decay measurements show that 14% by weight loading of the γ-Fe2O3 nanoparticles quenches the fluorescence of the polydioctylfluorene by approximately 33%, but the polystyrene/Lumogen Red fluorescence is almost unaffected. The three-dimensional orientation of both types of nanorods can be precisely controlled by the application of a moderate strength (∼0.1 T) external field with sub-second response times. Transmission electron microscope images reveal that the nanoparticles cluster in the polymer matrix, and these clusters may serve both to prevent fluorescence quenching and to generate the magnetic moment that rotates in response to the applied magnetic field.