In this study, Fe3O4 nanoparticles were functionalized with cellulose, and then hybridized with cobalt (II)‐based metal‐organic framework (Co‐MOF) containing carboxylate and imidazole functionalities. FTIR, XRD, FE‐SEM, TEM, BET, EDX, VSM and STA analyses were used to characterize the synthesized samples. The resultant Fe3O4/cellulose/Co‐MOF nanocomposite was applied efficiently as a powerful and economic heterogeneous catalyst in the condensation of a variety of different aromatic aldehydes with malononitrile under solvent‐free conditions at room temperature for 10 min and offered the corresponding coupling products in high yields. The catalyst could be straightforwardly separated by a magnet from the reaction mixture and reused without a noteworthy drop in catalytic activity at least five times. The use of Fe3O4/cellulose/Co‐MOF catalyst outcomes under mild reaction conditions in very short reaction time, outstanding catalytic activity, high recyclability and an easy work‐up process for Knoevenagel condensation.