Malignant gliomas are the most prevalent and deadly primary brain tumors. The life expectancy of people with gliomas only slightly increases through surgical procedures, radiation, and chemotherapy. Magnetic nanocarriers must be developed to enable drug delivery using a magnetic field. A utilized to fabricate holmium ferrite nanoparticles is described herein. β-Cyclodextrin-polyethylene glycol (PEG) conjugate is used as a coat for the holmium ferrite nanoparticles. X-ray diffraction, energy dispersive x-ray spectroscopy, and x-ray photoelectron spectroscopy are all used to study the nanoparticles. This size range of nanoparticles is optimal for efficient drug delivery. The in vitro cytotoxicity of the fabricated nanoparticles was examined using U87MG and LN229 glioma cancer cells. The acridine orange/ethidium bromide and nuclear staining methods examined the morphological changes in the U87MG and LN229 glioma cells. The mode of cell death mechanism was investigated by Annexin V-FITC/PI flow cytometry methods. The possibility for successful SN38 delivery for the treatment of glioma cancer exists with the SN38@HF-β-CD-PEG.