Magnetic nanoparticles (NP), such as magnetite, have been the subject of research for application in the biomedical field, especially in Magnetic Hyperthermia Therapy (MHT), a promising technique for cancer therapy. NP are often coated with different compounds such as natural or synthetic polymers to protect them from oxidation and enhance their colloidal electrostatic stability while maintaining their thermal efficiency. In this work, the synthesis and characterization of magnetite nanoparticles coated with fucoidan, a biopolymer with recognized biocompatibility and antitumoral activity, is reported. The potential application of NP in MHT was evaluated through the assessment of Specific Loss Power (SLP) under an electromagnetic field amplitude of 14.7 kA m−1 and at 276 kHz. For fucoidan-coated NP, it was obtained SLP values of 100 and 156 W/g, corresponding to an Intrinsic Loss Power (ILP) of 1.7 and 2.6 nHm2kg−1, respectively. These values are, in general, higher than the ones reported in the literature for non-coated magnetite NP or coated with other polymers. Furthermore, in vitro assays showed that fucoidan and fucoidan-coated NP are biocompatible. The particle size (between ca. 6 to 12 nm), heating efficiency, and biocompatibility of fucoidan-coated magnetite NP meet the required criteria for MHT application.