The magnetically recyclable graphene oxide‐Fe3O4/polyallylamine (PAA)/Ag nanocatalyst was prepared via a green route using Eucalyptus comadulensis leaves extract as both reducing and stabilizing agent. The catalytic activity of this nanocatalyst was investigated for the reduction reaction of methylene blue and methyl orange in the presence of NaBH4 in aqueous medium at room temperature. The prepared nanocatalyst was characterized by different methods such as Fourier transformed infrared spectroscopy, X‐ray diffraction, scanning electron microscopy–energy dispersive X–ray spectroscopy, thermogravimetric analysis, vibrating sample magnetometer, transmission electron microscopy, and UV–visible spectroscopy. The results show that graphene oxide/PAA/Ag nanocatalyst has good activity and recyclability, and can be reused several times without major loss of activity in the reduction process. The apparent rate constants of the methyl orange (MO) and methylene blue (MB) were calculated to be 0.077 s−1 (3 mg of catalyst) and 0.15 s−1 (2 mg of catalyst), respectively.