Multifunctional nanocomposites from an equimolar As4S4/Fe3O4 cut section have been successfully fabricated from coarse-grained bulky counterparts, employing two-step mechanochemical processing in a high-energy mill operational in dry- and wet-milling modes (in an aqueous solution of Poloxamer 407 acting as a surfactant). As was inferred from the X-ray diffraction analysis, these surfactant-free and surfactant-capped nanocomposites are β-As4S4-bearing nanocrystalline–amorphous substances supplemented by an iso-compositional amorphous phase (a-AsS), both principal constituents (monoclinic β-As4S4 and cubic Fe3O4) being core–shell structured and enriched after wet milling by contamination products (such as nanocrystalline–amorphous zirconia), suppressing their nanocrystalline behavior. The fluorescence and magnetic properties of these nanocomposites are intricate, being tuned by the sizes of the nanoparticles and their interfaces, dependent on storage after nanocomposite fabrication. A specific core–shell arrangement consisted of inner and outer shell interfaces around quantum-confined nm-sized β-As4S4 crystallites hosting a-AsS, and the capping agent is responsible for the blue-cyan fluorescence in as-fabricated Poloxamer capped nanocomposites peaking at ~417 nm and ~442 nm, while fluorescence quenching in one-year-aged nanocomposites is explained in terms of their destroyed core–shell architectures. The magnetic co-functionalization of these nanocomposites is defined by size-extended heterogeneous shells around homogeneous nanocrystalline Fe3O4 cores, composed by an admixture of amorphous phase (a-AsS), nanocrystalline–amorphous zirconia as products of contamination in the wet-milling mode, and surfactant.