Treatment of preformed magnetite nanoparticles with ultrasound in aqueous media with dissolved tetrachloroauric acid resulted in the formation of gold-magnetite nanocomposite materials. These materials maintained the morphology of the original magnetite particles. The loading of gold particles could be controlled by adjusting experimental parameters, including the addition of small amounts of solvent modifiers such as methanol, diethylene glycol, and oleic acid. The nanocomposite materials were magnetic and exhibited optical properties similar to pure gold nanoparticles.