In this work, we report the preparation of cobalt ferrite nanoparticles (CFNPs) coated with hydrophilic polymers guar gum, gum arabic and poly (methacrylic acid) as magnetic nanocarriers and study their conjugation with doxorubicin for the drug release under applied magnetic field. The effect of polymer coating on structural properties is studied using Fourier transform infrared spectroscopy and powder X-ray diffractometry (XRD). The XRD analysis revealed that the polymer coating on the as-synthesized CFNPs has no influence on their crystallite size and it remains between 18 nm and 19 nm. The characteristic morphology, topography and the evidences of polymer coating over the CFNPs are investigated using scanning electron microscopy, atomic force microscopy and thermogravimetric analysis, respectively. Vibrating sample magnetometry revealed the ferromagnetic nature of uncoated CFNPs with a significant saturation magnetization similar to 77.2 emug(-1). The dynamic light scattering measurements are also performed to determine the size of uncoated and coated CFNPs. UV-Visible spectroscopy demonstrated a profound loading (70-75%) of doxorubicin onto the magnetic nanocarriers and the efficient release of drug in the presence of external applied magnetic field. In vitro cytotoxic studies confirmed the cytocompatibility mode of coated CFNPs against Chinese Hamster Ovary and Huh-7 cell line, while 0.2 mg mL(-1) dose of drug-loaded magnetic nanocarriers inhibited the cell viability of Huh-7 up to 60%. These results strongly encourage the utilization of biocompatible magnetic nanocarriers in targeted drug delivery territory.