We have prepared two chiral Schiff base ligands, H2L1 and H2L2, and one achiral Schiff base ligand, H2L3, by treating 2,6‐diformyl‐4‐methylphenol separately with (R)‐1,2‐diaminopropane, (R)‐1,2‐diaminocyclohexane and 1,1′‐dimethylethylenediamine, in ethanolic medium, respectively. The complexes MnL1ClO4 (1), MnL2ClO4 (2), MnL3ClO4 (3), FeL1ClO4 (4), FeL2ClO4 (5) and FeL3ClO4 (6) have been obtained by reacting the ligands H2L1, H2L2 and H2L3 with manganese(III) perchlorate or iron(III) perchlorate in methanol. Circular dichroism studies suggest that ligands H2L1 and H2L2 and their corresponding complexes have asymmetric character. Complexes 1–6 have been used as homogeneous catalysts for epoxidation of alkenes. Manganese systems have been found to be much better than iron counterparts for alkene epoxidation, with 3 as the best catalyst among manganese systems and 6 as the best among iron systems. The order of their experimental catalytic efficiency has also been rationalized by theoretical calculations. We have observed higher enantiomeric excess product with catalysts 1 and 4, so they were attached to surface‐modified magnetic nanoparticles to obtain two new magnetically separable nanocatalysts, Fe3O4@dopa@MnL1 and Fe3O4@dopa@FeL4. They have been characterized and their alkene epoxidation ability has been investigated. These catalysts can be easily recovered by magnetic separation and recycled several times without significant loss of catalytic activity. Hence our study focuses on the synthesis of a magnetically recoverable asymmetric nanocatalyst that finds applications in epoxidation of alkenes and at the same time can be recycled and reused.