Hyperthermia is considered as an effective supplementary cancer treatment. However, the uneven temperature distribution is the major challenge in hyperthermia. Nanotechnology could solve this problem by applying magnetic nanoparticles directly or in nanofibers as implants. Low solubility, poor cancer targeting, and leakage are limitations of free magnetic nanoparticles. In this work, Fe3O4 nanoparticles were loaded into polycaprolactone/chitosan blended nanofibers in various contents. Magnetic, chemical, physical, and morphology of the derived nanofibrous composites were then studied. The results showed the magnetic properties of the nanocomposite had low coercivity, which was close to superparamagnetic particles. Chemical analysis showed that components had no interaction with each other. Nevertheless, Fe3O4 was slightly transformed to other iron oxides. However, the magnetic analysis showed this transformation had no significant effect on final magnetic content of the nanofibers. The results of X‐ray diffraction (XRD) (19.5 nm), transmittance electron microscopy (TEM) (21.6 nm), and vibration sample magnetometer (VSM) (17 nm) suggested that the magnetic nanoparticles were single domain. Thermal analysis results showed that 7% Fe3O4 nanofibers had more heat increase as oppose to other nanofibrous composites in the alternative magnetic field (AMF). Nonetheless, the heat performance of 3% Fe3O4 nanofibers was more than others according to its specific power absorption (SPA). Therefore, due to the importance of using nanoparticles in the least possible content, this method can be used as a postsurgical treatment by applying these nanofibrous composites as implants on the tumor site. Moreover, these nanofiber composites could carry anticancer drugs, which are applied as a multi‐mode treatment system.