In this paper, a highly active, air‐ and moisture‐stable and easily recoverable magnetic nanoparticles tethered mesoionic carbene palladium (II) complex (MNPs‐MIC‐Pd) as nanomagnetic catalyst was successfully synthesized by a simplistic multistep synthesis under aerobic conditions using commercially available inexpensive chemicals for the first time. The synthesized MNPs‐MIC‐Pd nanomagnetic catalyst was in‐depth characterized by numerous physicochemical techniques such as FT‐IR, ICP‐AES, FESEM, EDS, TEM, p‐XRD, XPS, TGA and BET surface area analysis. The prepared MNPs‐MIC‐Pd nanomagnetic catalyst was used to catalyze the Suzuki–Miyaura and Mizoroki–Heck cross‐coupling reactions and exhibited excellent catalytic activity for various substrates under mild reaction conditions. Moreover, MNPs‐MIC‐Pd nanomagnetic catalyst could be easily and rapidly recovered by applying an external magnet. The recovered MNPs‐MIC‐Pd nanomagnetic catalyst exhibited very good catalytic activity up to ten times in Suzuki–Miyaura and five times in Mizoroki–Heck cross‐coupling reactions without considerable loss of its catalytic activity. However, MNPs‐MIC‐Pd nanomagnetic catalyst shows notable advantages such as heterogeneous nature, efficient catalytic activity, mild reaction conditions, easy magnetic work up and recyclability.