In this study, a mix ferrite (Zn0.6Co0.4Fe2O4) was immobilized on graphene oxide via a one pot hydrothermal method and the obtained magnetic nanocomposite was functionalized with a biocompatible, non-essential amino acid, glutamic acid, to provide functional sites. The final nanocomposite was obtained via conjugation of perhydroxycucurbit[6]uril which denoted as MFG-CB. The resulting compounds were characterized by transmission electron microscopy (TEM), field emission scanning electron microscopy (FE-SEM), energy dispersive X-ray spectroscopy (EDS), X-ray diffraction (XRD), Fourier transform infrared spectroscopy (FT-IR), elemental analysis, vibrating sample magnetometry (VSM), the Brunauer– Emmet–Teller (BET) and zeta potential analysis. Concerning the model drug, Naringin was thereafter loaded onto the MFG-CB nanocomposite with an optimum entrapment efficiency (EE) of 98.73% and a loading capacity (LC) of 13.91%. The studies of in vitro release were conducted with regard to different pH and temperature conditions. Findings revealed the dependence of Naringin release from the nanocomposite on pH and temperature, with the maximum release achieved at pH = 5.4 at 45 °C. According to the model-dependent approach, the release mechanism was in line with the Korsmeyer-Peppas and first-order kinetic models. Finally, the in vitro cytotoxicity of the MFG-CB nanocomposite, Naringin-loaded MFG-CB was evaluated against human breast cancer (MCF-7) and human epithelial cervical cancer (HeLa) cell lines using N colorimetric assays. The results confirmed the improved cytotoxicity of Naringin by loading on the MFG-CB nanocomposite.