Nanocomposite materials consisting of CoFe2O4 magnetic nanoparticles and a polyethylene glycol - acrylamide gel matrix have been synthesized. The structure of such materials was studied by means of small-angle scattering of X-rays and polarized neutrons, showing that the CoFe2O4 nanoparticles were successfully and homogeneously embedded in the gel structure. Magnetic, viscoelastic, and water retention properties of the nanocomposite gel confirm that the properties of both nanoparticles and gel are combined in the resulting nanomagnetic gel. Scanning electron microscopy highlights the nanocomposite nature of the material, showing the presence of a gel structure with different pore size distributions (pores with micron and nano-size distributions) that can be used as active sponge-like nanomagnetic container for water-based formulations as oil-in-water microemulsions.