A synthetic procedure is described for the obtaining of superparamagnetic Co nanoparticles (NPs) via hot-injection method in the presence of sodium borohydride. The Co NPs obtained have an average diameter of 5.3 nm and saturation magnetization of 115 emu g−1. A modified Langevin equation is fitted to the magnetization curves using a log-normal distribution for the particle diameter and an effective field to account for dipolar interactions. The calculated magnetic diameter of the Co NPs is 0.6 nm smaller than TEM-derived values, implying a magnetic dead layer of 0.3 nm. The magnetic core is coated with Au to prevent oxidation, resulting in water-stable magneto-plasmonic Co/Au core/shell NPs with saturation of 71.6 emu g−1. The coating adds a localized surface plasmon resonance property with absorbance in the so-called ‘therapeutic window’ (690–900 nm), suitable for biomedical applications. It is suggested that these multifunctional NPs are distinguished as a potential platform for applied and fundamental research.