A practical and simple approach for the one‐pot multicomponent synthesis of indenopyrazolones is described via the condensation of ninhydrin (indan‐1,2,3‐trione), phenylhydrazine, and various aldehydes in the presence of MMT@Fe3O4 as an environmentally benign core/shell nanocomposite catalyst. The catalyst could be recycled using an external magnet easily and reused several times without remarkable loss of its catalytic activity. Furthermore, avoiding hazardous solvents, reusability of the catalyst, easy work‐up, short reaction times, room temperature, and mild reaction conditions are the advantages of this new eco‐friendly protocol.