In this study, a new synthesis technique of magnetic multiwall carbon nanotubes (MMWCNTs) was achieved and its application for drug-loading ability was assessed. MMWCNTs were prepared by a simple solvothermal process, which can easily alter the size (100–350 nm), location, and denseness of Fe3O4 beads fixed on MWCNTs as well as the MWCNTs structure via controlling the reaction parameters. The characteristics of MMWCNTs obtained were assessed by scanning electron microscopy, X-ray diffraction, and FTIR. The MMWCNTs were used as a drug carrier to load an anticancer molecule, epirubicin hydrochloride. In addition, its adsorption ability was also evaluated. The Freundlich adsorption model was successfully used to describe the adsorption process. The kinetic data was well fitted with a pseudo-second-order model. Due to its magnetic properties, high adsorption surfaces, and excellent adsorption capacities, the MMWCNTs synthesized in this study are suitable to be applied to a magnetic targeted drug delivery system.