A moisture‐ and air‐stable heterogenized palladium catalyst was synthesized by coordination of palladium with S‐propyl‐2‐aminothiobenzamide supported on Fe3O4 magnetic nanoparticles. The prepared nanocatalyst was characterized using Fourier transform infrared, energy‐dispersive X‐ray and inductively coupled plasma atomic emission spectroscopies, X‐ray diffraction, vibrating sample magnetometry, transmission and scanning electron microscopies, dynamic laser scattering and thermogravimetric analysis. This catalyst could be dispersed homogeneously in water or poly(ethylene glycol) and further applied as an excellent nano‐organometal catalyst for Suzuki and Heck reactions. The catalyst was easily separated with the assistance of an external magnet from the reaction mixture and reused for several consecutive runs without significant loss of its catalytic efficiency or palladium leaching. The leaching of catalyst was examined using hot filtration and inductively coupled plasma atomic emission spectroscopy. Also, the effects of various reaction parameters on the Suzuki and Heck reactions are discussed. Copyright © 2016 John Wiley & Sons, Ltd.