Hexagonal boron nitride (h-BN) is an excellent support material for nanocatalysts due to its two-dimensional (2D) architectural morphology and physicochemical stability. In this study, a chemically stable, recoverable, eco-friendly, and magnetic h-BN/Pd/Fe2O3 catalyst was prepared by a one-step calcination process, in which Pd and Fe2O3 nanoparticles (NPs) were uniformly decorated on the surface of h-BN via a typical adsorption-reduction procedure. In detail, nanosized magnetic (Pd/Fe2O3) NPs were derived from a Prussian blue analogue prototype, a well-known porous metal-organic framework, and then further surface-engineered to produce magnetic BN nanoplate-supported Pd nanocatalysts. The structural and morphological features of h-BN/Pd/Fe2O3 were investigated by spectroscopic and microscopic characterization techniques. Moreover, the h-BN nanosheets endow it with stability and appropriate chemical anchoring sites which solve the problems of inefficient reaction rate and high consumption caused by the inevitable agglomeration of precious metal NPs. Under mild reaction conditions, the developed nanostructured h-BN/Pd/Fe2O3 as the catalyst shows high yield and efficient reusability in reducing nitroarenes into the corresponding anilines using sodium borohydride (NaBH4) as a reductant.