In this work, a novel organic–inorganic hybrid heterogeneous catalyst was fabricated for Knoevenagel condensation. First, the surface of carbon nanotube (CNT) was covalently functionalized with poly(2-(dimethylamino)ethyl methacrylate) (PDMAEMA) polyelectrolyte (i.e., organic polybase) through the surface-initiated atom transfer radical polymerization (SI-ATRP) method. Subsequently, magnetic iron oxide nanoparticles (Fe3O4 NPs) (i.e., inorganic Lewis acid) are densely and homogeneously grown on the CNT surface using the CNT-g-PDMAEMA template. The as-prepared acid–base bifunctional catalyst (i.e., CNT-g-PDMAEMA/Fe3O4NPs) was investigated in the model reaction, i.e., Knoevenagel condensation between naphthol, malononitrile and benzaldehyde. The CNT-g-PDMAEMA/Fe3O4NPs catalyst shows high catalytic activity in the Knoevenagel condensation between naphthol, malononitrile and benzaldehyde due to its unique structure and specific chemical constitution. In addition, this acid–base bifunctional catalyst can be readily recovered with an applied magnetic field and reused with negligible loss in the catalytic activity even after six cycles.