b-Cyclodextrin-modified hybrid magnetic nanoparticles (Fe3O4@SiO2-PGMACD) were synthesized via the combination of atom transfer radical polymerization on the surfaces of silica coated iron oxide particles (Fe3O4@SiO2) and ring-opening reaction of epoxy groups. The feasibility of using Fe3O4@SiO2-PGMACD as separable immobilized catalyst and adsorbent was demonstrated. It was found: (1) the prepared Fe3O4@SiO2-PGMACD could be used as catalyst in substrate-selective oxidation of alcohols system and the catalytic efficiency was close to pure b-Cyclodextrin of equal quantity; (2) the resulting particles appeared remarkably dominant adsorption capacity compared with poly(glycidyl methacrylate) grafted magnetic nanoparticles (Fe3O4@SiO2-PGMA) in the removal of bisphenol A from aqueous solutions. The results suggest that the novel fabricated nanoparticles could serve as bifunctional materials in catalysis or adsorption and subsequently become potential multifunctional materials.