Multidimensional magnetic cobalt ferrite (CoFe2O4) nanoparticles (NPs) were synthesized by a co-precipitation method under the effect of three capping agents called sorbitol, tergitol-1x (T-1x) and didecyldimethyl ammonium bromide (DDAB). The synthesized cobalt ferrite nanoparticles (CFNPs) were functionalized with guar gum (GG), xanthan gum (XG), gum arabic (GA), polymethacrylic acid (PMAA) and were subsequently characterised by Fourier transform-infrared spectroscopy (FT-IR), thermogravimetric analysis (TGA), X-ray diffraction (XRD) and contact angle studies. Vibrating sample magnetometry (VSM) was used for magnetic measurements of the native and polymers-coated CFNPs. The microstructural morphology of the uncoated and polymers-coated CFNPs was established using scanning electron microscopy (SEM), Transmission electron microscopy (TEM), atomic force microscopy (AFM) and dynamic light scattering (DLS) studies. The antibacterial activity of native and coated CFNPs was also tested against Escherichia coli and Staphylococcus aureus by using disc diffusion method. Furthermore, the interaction of cobalt ferrite nanoparticles with calf-thymus DNA was investigated and characterized by FT-IR. The biocompatibility of naked and coated CFNPs was also examined against normal (CHO) and cancerous (Huh-7) cell lines by performing MTT assay. Finally, the doxorubicin release profile from the drug-loaded functionalised CFNPs in the presence of an externally applied magnetic field was evaluated using UV-visible spectroscopy. The results show that the DDAB is more effective capping agent to control the particle size and dispersion of CFNPs in aqueous medium. Antibacterial activity test and MTT assay exhibited that coated-CFNPs are significantly more biocompatible as compared to native CFNPs. Polymer coating decreased the contact angle of the native CFNPs from 92° to 40°, which indicated that it modified the CFNPs surface from hydrophobic to hydrophilic. VSM analysis demonstrated that polymers coated cobalt ferrite NPs (CoFe2O4.NPs@polymers) also retained the magnetic characteristics of the bare cobalt ferrite NPs (Ms ∼77.2 emu/g), endorsing their application as promising magnetic nanovectors (MNV). The synthesised drug loaded-polymer coated cobalt ferrite NPs, (CoFe2O4.NPs@polymers-Doxo) exhibited significantly higher controlled discharge of doxorubicin at acidic pH (5.0) than at neutral pH (7.4). In vitro cytotoxic studies confirmed the cytocompatibility mode of coated CFNPs against Chinese Hamster Ovary and Huh-7 cell line, while 0.2 mg.mL1- dose of drug loaded magnetic nanocarriers inhibited the cell viability of Huh-7 up to 60%. These results strongly encourage the utilization of biocompatible magnetic nanocarriers (CoFe2O4.NPs@polymers) in targeted drug delivery territory for doxorubicin.