A study of Magnetite (FeO) as a suitable matrix for the improved adhesion and proliferation of MC3T3-E1 pre-osteoblast cells in bone regeneration is presented. Biodegradable and magnetic polycaprolactone (PCL)/magnetite (FeO) scaffolds, which were fabricated by Thermally Induced Phase Separation, are likewise analyzed. Various techniques are used to investigate in vitro degradation at 37 °C, over 104 weeks, in a phosphate buffered saline (PBS) solution. Magnetic measurements that were performed at physiological temperature (310 K) indicated that degradation neither modified the nature nor the distribution of the magnetite nanoparticles. The coercive field strength of the porous matrices demonstrated ferromagnetic behavior and the probable presence of particle interactions. The added nanoparticles facilitated the absorption of PBS, with no considerable increase in matrix degradation rates, as shown by the Gel Permeation Chromatography (GPC) results for Mw, Mn, and I. There was no collapse of the scaffold structures that maintained their structural integrity. Their suitability for bone regeneration was also supported by the absence of matrix cytotoxicity in assays, even after additions of up to 20% magnetite.