This work presents a new biobased poly(urethane‐ester) synthesized from ricinoleic acid (RA), 1,6‐diisocyanatehexane, and glycerol through bulk polymerization. RA‐modified magnetic iron oxide nanoparticles, previously obtained through coprecipitation technique, were introduced in situ to produce a magnetic nanocomposite. DSC analyses revealed that the glass transition (Tg) of the biobased poly(urethane‐ester) was equal to −75°C, and for the magnetic biobased poly(urethane‐ester) the Tg was reduced in approximately 3°C. DTG analyses were used to measure the thermal stability and the amount of magnetic nanoparticle dispersed into the polymeric matrix, indicating that the polymeric materials exhibit good thermal stability and the fraction of nanoparticles dispersed into the biobased poly(urethane‐ester) matrix was equal to 2.19 wt%. Infrared spectroscopy and NMR were used to recognize functional groups in structures and follow the reaction evolution. Magnetic force, hysteresis loops and XRD essays used to provide magnetic features of the materials, showed that crystallite size of the mono domains was equal to 7.6 nm and that magnetic materials exhibit superparamagnetic behavior. GPC was used to evaluate average molar mass of polymer, determined equal to 2569 Da and molar mass dispersity equal to 2.4.Practical applications: Introducing magnetic nanoparticles into polymeric matrix leads to composites with unique properties, allowing different applications. Besides, the use of vegetable oils to produce polymer has many advantages such as biocompatibility and renewability. Due to their physico‐chemical and biocompatibility properties the magnetic nanocomposites using castor bean oil prepared in the present work may have potential candidates for several applications, like biomedical implants, tissue engineering, and controlled drug delivery.This article describes the preparation of a new biobased poly(urethane‐ester) synthesized from ricinoleic acid (RA), 1,6‐diisocyanatehexane, and glycerol and its use as polymeric matrix in magnetic nanocomposite. The polymer is characterized by FTIR, 1H NMR, TG, and DSC. The composite is studied by magnetic force exhibiting superparamagnetic behavior.