The anticancer efficacy of doxorubicin, an anthracycline‐based and FDA‐approved chemotherapeutic drug, is significantly hindered by acquired chemoresistance and severe side effects, despite its potent anticancer properties. To overcome these challenges, we developed an innovative therapeutic formulation that integrates targeted chemotherapy and phototherapy within a single platform using gold nanoparticles (AuNPs). This novel nanoconjugate, designated as Dox‐Fe@FA‐AuNPs, is co‐functionalized with folic acid, doxorubicin, and an iron(III)‐phenolate/carboxylate complex, enabling cancer‐specific drug activation. Here, we report the synthesis, characterization, and comprehensive physico‐chemical and biological evaluations of Dox‐Fe@FA‐AuNPs. The nanoconjugate exhibited excellent solubility, stability, and enhanced cellular uptake in folate receptor‐positive cancer cells. The nanoconjugate was potently cytotoxic against HeLa and MDA‐MB‐231 cancer cells (HeLa: 105.5 ± 16.52 µg mL‐1; MDA‐MB‐231: 112.0 ± 12.31 µg mL‐1; MDA‐MB‐231 (3D): 156.31 ± 19.35 µg mL‐1) while less cytotoxic to the folate(‐) cancer cells (MCF‐7, A549 and HepG2). The cytotoxicity was attributed to the pH‐dependent release of doxorubicin, which preferentially occurs in the acidic tumor microenvironment. Additionally, under red light irradiation, the nanoconjugate generated ROS, inducing caspase‐3/7‐dependent apoptosis with a photo‐index (PI) >50, and inhibited cancer cell migration. Our findings underscore the potential of Dox‐Fe@FA‐AuNPs as a highly effective and sustainable platform for targeted chemo‐phototherapy.