The article presents results for the magnetic nanoparticles sol–gel method synthesis of cobalt (II) ferrite and organic–inorganic composite materials based on it. The obtained materials were characterized using X-ray phase analysis, scanning and transmission electron microscopy, Scherrer, Brunauer–Emmett–Teller (BET) methods. A composite materials formation mechanism is proposed, which includes a gelation stage where transition element cation chelate complexes react with citric acid and subsequently decompose under heating. The fundamental possibility of obtaining an organo–inorganic composite material based on cobalt (II) ferrite and an organic carrier using the presented method has been proved. Composite materials formation is established to lead to a significant (5–9 times) increase in the sample surface area. Materials with a developed surface are formed: the surface area measured by the BET method is 83–143 m2/g. The resulting composite materials have sufficient magnetic properties to be mobile in a magnetic field. Consequently, wide possibilities for polyfunctional materials synthesis open up for various applications in medicine.