A multifunctional drug carrier with dual targeting (magnetic and folate-receptor) and pH sensitive core-shell hybrid nanomaterial has been developed to carry an anticancer drug doxorubicin.Superparamagnetic iron oxide nanoparticles (IONPs) were used as core of the carrier and cross-linked folate conjugated chitosan (FA-CS) was acted as shell in which doxorubicin was physically entrapped. Transmission electron microscopy (TEM) analysis confirmed the average particle size of IONPs and FA-CS coated IONPs 8.2 and 15.4 nm respectively. Magnetic measurement indicated that both the IONPs and FA-CS coated IONPs were superparamagnetic at room temperature with a magnetization value 57.72 and 37.44 emu/g respectively. At pH 5.8 (malignant tissue) showed a burst release of 30.05% of the doxorubicin in the first 4 h followed by a sustained release of 88.26% of drug over 72 h. From these results it is expected that doxorubicin loaded nanoparticles can be a promising drug carrier for the treatment of solid tumors with the ability to reduce toxic side effects of drugs by selective targeting and sustained release.