Herein, one‐pot synthesis of pyrimido[4,5‐b]quinoline and indenopyrido[2,3‐d]pyrimidine derivatives was developed by the three‐component reaction of aldehydes, 6‐amino‐1,3‐dimethyluracil, and 1,3‐dicarbonyl compounds in the presence of glycolic acid‐supported cobalt ferrite CoFe2O4@SiO2@Si (CH2)3NHCOOCH2COOH as a novel magnetic catalyst in ethanol at reflux conditions. Glycolic acid‐supported cobalt ferrite was characterized via Fourier transform infrared spectroscopy (FT‐IR), X‐ray diffraction (XRD), thermogravimetric analysis (TGA), scanning electron microscopy (SEM), transmission electron microscopy (TEM), energy‐dispersive X‐ray spectroscopy (EDX), and vibrating sample magnetometer (VSM). Moreover, the catalyst was easily recovered with magnetic separation and recycled at least for five times without significant loss of its catalytic activity. The products were formed in excellent yields over appropriate reaction times under environmentally friendly conditions. The high efficiency and easy isolation of catalyst from products with an external permanent magnet are some of the remarkable advantages of this method.