A novel type of magnetically responsive chitosan nanocomposite was successfully synthesized as a green and high powerful palladium‐based heterogeneous catalyst and its efficiency in Heck and Suzuki cross‐coupling was evaluated. This catalyst promote a large library of functional substrates of these reactions under mild and sustainable conditions (water or ethanol as solvent, at room temperature, in significantly short reaction time (20 minutes)) and stand as recyclable, metal scavenging catalytic systems.