In this work, we synthesized modified GO and rGO@Fe3O4@Ni nanocomposite. The synthesized nanomaterials were characterized using Fourier‐transform infrared spectroscopy (FT‐IR), scanning electron microscopy (SEM), transmission electron microscopy (TEM), energy‐dispersive X‐ray spectroscopy (EDX), X‐ray powder diffraction (XRD), vibrating sample magnetometer (VSM), Brunauer‐Emmett‐Teller (BET), and inductively coupled plasma optical emission spectroscopy (ICP‐OES). Furthermore, GO and rGO@Fe3O4@Ni were applied as catalysts in multicomponent coupling reactions (MCRs) of dimedone with structurally diverse aromatic aldehydes. All reactions were fulfilled rapidly and efficiently in solvent‐free conditions at 90°C. The results showed that GO and rGO@Fe3O4@Ni expedited the coupling reactions chemoselectively in such a way that GO directed the MCRs to the production of bisdimedones while rGO@Fe3O4@Ni drove the reactions one more step forward and afforded xanthenediones as the cyclization products. In addition, reusability of the examined nanocatalyst systems was carried out for four consecutive cycles without the significant loss of catalytic activity.