In this study, a unique stimuli-responsive hydrogel nanocomposite was prepared via surface reversible addition fragmentation chain transfer (RAFT) copolymerization of acrylic acid and N‑isopropyl acrylamide onto chitosan and subsequent in situ synthesis of magnetic FeO nanoparticles. In the next age, the structure and morphology of synthetic magnetic nanocomposite were characterized by FTIR, XRD, VSM, SEM, and TEM techniques. The modified hydrogel nanocomposite was employed as an excellent carrier for controlled releasing of anticancer drug doxorubicin (DOX). The results indicated that the maximum of DOX loading efficiency of nanocomposite was 89%. Notably, in vitro drug release studies showed that DOX was released in a sustained-release manner for the nanocomposites. From the results of in vitro release studies, dual temperature and pH responsiveness of the nanocomposite was demonstrated, and 82% of total DOX was released from the hydrogel within 2 days. Due to the unique structures and properties, the chitosan-based nanocomposite may be utilized as a promising drug carrier for controlled and sustained release of anticancer drugs.