7‐Aminonaphthalene‐1,3‐disulfonic acid‐functionalized magnetic Fe3O4 nanoparticles efficiently catalyse the one‐pot multi‐component synthesis of substituted 3‐pyrrolin‐2‐ones without using any other harmful organic reagents. High catalytic activity, ease of recovery, use of an external magnetic field and capability of being reused many times without significant loss of its catalytic activity are additional eco‐friendly properties of this catalytic system. Compared to other methods, our protocol has various advantages such as short reaction times, low catalyst loading, high yields, easy magnetic separation and reusability of the catalyst.