A novel approach for the fabrication of magneto‐active carbon nanotubes (CNTs) stabilized in aqueous media, involving the combination of carboxylated single‐wall carbon nanotubes (SWCNTs) with a new class of methacrylate‐based chelating diblock copolymers, is described. More precisely, a well‐defined diblock copolymer consisting of hexa(ethylene glycol) methyl ether methacrylate (hydrophilic and thermo‐responsive) and 2‐(acetoacetoxy)ethyl methacrylate (hydrophobic and metal‐chelating) synthesized by reversible addition‐fragmentation chain transfer polymerization has been used to prepare polymer‐coated magneto‐active SWCNTs decorated with iron oxide nanoparticles. Further to the characterization of the compositional and thermal properties using transmission electron microscopy, Fourier transform infrared spectroscopy, X‐ray diffraction spectroscopy and thermal gravimetric analysis, assessment of the magnetic characteristics by vibrational sample magnetometry disclosed superparamagnetic behavior at room temperature. The latter, combined with the thermo‐responsive properties of the polymeric coating and the unique, inherent properties of the carbon nanotubes may allow for their future exploitation in the biomedical field. © 2011 Wiley Periodicals, Inc. J Polym Sci Part B: Polym Phys 49: 1389–1396, 2011