A new nanocatalyst Fe3O4@carbon@polyoxometalate (Fe@C@Mo6O18) consisting of a cluster of Fe3O4 nanoparticles as core, a carbon layer as inner shell, and a Lindqvist type polyoxometalate as the outer shell was prepared. The prepared nanocatalyst structure was characterized by energy dispersive X‐ray (EDX), scanning electron microscopy (SEM), vibration sample magnetometer (VSM), thermogravimetric analysis (TGA), and Fourier transform infrared (FT‐IR) spectroscopy techniques and their catalytic activity was evaluated for the synthesis of dihydropyranopyrazole derivatives. The results were excellent regarding the high yield of the products and short reaction time. The new nanocatalyst showed good recoverability with a significant loss of activity and selectivity within successive runs. Most importantly, these materials can be easily recovered by simple magnetic separation.