Novel Palladium nanoparticles supported nano Magnesium ferrite catalyst (Pd/MgFe2O4) was synthesized by one-step ultrasound assisted coprecipitation. In-situ formed by-products assisted salt cage calcination approach was employed to control the particle size by minimizing the risk of nanoparticle aggregation during calcination. Palladium nanoparticles were grafted on the surface of nanocrystalline MgFe2O4 without using any reducing agents, capping agents and surface modifiers. The catalyst preparation method was having minimum process operations and can be used for synthesis of various potential nanocatalytic systems. The catalyst was extensively characterized by using various techniques SEM-EDS, TEM, FT-IR, XPS, XRD, VSM, BET, and ICP-AES. Pd/MgFe2O4 was magnetically separable and shown its potential utility for ligand less Suzuki-Miyaura coupling reaction using green solvent system Water and Ethanol. The nanocatalyst shows consistent activity and excellent reusability in the synthesis of Biaryls with excellent yields. In addition, the prepared catalytic nanoparticles were successfully applied in the synthesis of 5-(4-phenoxyphenyl)-7H-pyrrolo[2,3-d]pyrimidin-4-ylamine an intermediate for preparing the marketed anticancer drug PCI-32765 under the name IMBRUVICA® (Ibrutinib-BTK inhibitor).