In this work, a magnetic hybrid dichromate nanocomposite with triphenylphosphine surface modified superparamagnetic iron oxide nanoparticles (SPIONs) as a recyclable nanocatalyst was designed, prepared and characterized by Fourier transform infrared spectroscopy (FT-IR) spectra, X-ray diffraction (XRD) pattern analysis, vibrating sample magnetometer (VSM) curves, X-ray fluorescence (XRF) analysis, thermogravimetric analysis (TGA), scanning electron microscopy (SEM) and transmission electron microscopy (TEM) images and dynamic light scattering (DLS) analysis. Then, it was used in a green and efficient procedure for one-pot multicomponent synthesis of polyhydroquinoline derivatives by the condensation of aldehydes, dimedone or 1,3-cyclohexadione, ethyl acetoacetate and ammonium acetate. This protocol includes some new and exceptional advantages such as short reaction times, low catalyst loading, high yields, solvent-free and room temperature conditions, easy separation and reusability of the catalyst.