This study demonstrates a novel nanostructured drug delivery system utilizing α‐Fe2O3/CuO/CuFe2O4 ternary nanocomposite for effective drug transport in sick tissues. Centella Asiatica plant extract was employed to synthesize the Fe2O3/CuO/CuFe2O4 nanocomposite via sol‐gel auto combustion technique. The structural and morphological characteristics of the nanocomposite were investigated by XRD, FT‐IR, SEM, EDX, and VSM for magnetic properties. The XRD analysis demonstrates the successful synthesis of Fe2O3/CuO/CuFe2O4 nanocomposite with an average crystallite size of 18.393 nm. The antioxidant and antifungal capabilities of this nanocomposite were assessed for its biological activity. A notable inhibitory zone was observed when tested against the Alternaria spp. and Bipolaris sorokiniana fungi. An IC50 value of 109.88 μg/ml was found in the DPPH test, indicating that the nanocomposite exhibited remarkable antioxidant characteristics. Subsequently, metronidazole was encapsulated with a success rate of 55.53 % at pH 1.2, while at pH 7.4 it gained 57.83 %. The drug release of nanocomposite at pH 1.2 after 330 min was 43.41 % and at pH 7.4 after 300 min it was 52.3 %. The results indicate its potential as an excellent candidate for drug delivery. Furthermore, pH was found to be an effective catalyst in the drug loading and release processes.