In this study we report the preparation of novel multicomponent hydrogels as potential biomaterials for injectable hydrogels comprised of alginate, casein and bacterial cellulose impregnated with iron nanoparticles (BCF). These hydrogels demonstrated amide cross-linking of alginate–casein, ionic cross-linking of alginate and supramolecular interaction due to incorporation of BCF. Incorporation of BCF into the hydrogels based on natural biopolymers was done to reinforce the hydrogels and impart magnetic properties critical for targeted drug delivery. This study aimed to improve overall properties of alginate/casein hydrogels by varying the BCF loading. The physico-chemical properties of gels were characterized via FTIR, XRD, DSC, TGA, VSM and mechanical compression. In addition, swelling, drug release, antibacterial activity and cytotoxicity studies were also conducted on these hydrogels. The results indicated that incorporation of BCF in alginate/casein hydrogels led to mechanically stronger gels with magnetic properties, increased porosity and hence increased swelling. A porous structure, which is essential for migration of cells and biomolecule transportation, was confirmed from microscopic analysis. The porous internal structure promoted cell viability, which was confirmed through MTT assay of fibroblasts. Moreover, a hydrogel can be useful for the delivery of essential drugs or biomolecules in a sustained manner for longer durations. These hydrogels are porous, cell viable and possess mechanical properties that match closely to the native tissue. Collectively, these hybrid alginate–casein hydrogels laden with BCF can be fabricated by a facile approach for potential wound healing applications.