In this study, graphene oxide‐iron oxide‐polypyrrole (GO‐Fe3O4‐PPy) ternary nanocomposites having high photothermal activity and stability are synthesized and analyzed using ultraviolet–visible (UV–Vis) spectroscopy, Fourier transform infrared (FTIR), X‐ray diffraction spectroscopy (XRD), scanning electron microscopy (SEM), transmission electron microscopy (TEM), high‐resolution transmission electron microscopy (HRTEM), and magnetic hysteresis measurement (VSM). The effect of power density (1.5–2.5 W cm−2), concentration (0.01–0.2 mg mL−1), and component composition of nanocomposites on the photothermal properties in the near‐infrared (NIR) region (808 nm) is examined. The results show that superparamagnetic GO‐Fe3O4‐PPy ternary nanocomposite exhibits excellent photothermal performance. The temperature reaches to 55.5, 72.3, and 83.1 °C under the irradiation of the 808 nm NIR laser at 1.5, 2.0—, and 2.5 W cm−2 of power density for 10 min at 0.1 mg mL−1 photothermal therapy (PTT) agent, respectively, and moreover it has excellent photothermal stability. In summary, it is concluded that synthesized nanocomposites potentially may be used in simultaneous magnetic field‐guided treatments. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 137, 48837.