Chemothermal therapy is widely used in clinical applications for the treatment of tumors. However, the major challenge is the use of a multifunctional nano platform for significant regression of the tumor. In this study, a simple synthesis of highly aqueous stable, carboxyl enriched, PEGylated mesoporous iron platinum-iron(II,III) oxide (FePt-Fe₃O₄) composite nanoassemblies (CNAs) by a simple hydrothermal approach is reported. CNAs exhibit a high loading capacity ∼90 wt% of the anticancer therapeutic drug, doxorubicin (DOX) because of its porous nature and the availability of abundant negatively charged carboxylic groups on its surface. DOX loaded CNAs (CNAs + DOX) showed a pH responsive drug release in a cell-mimicking environment. Furthermore, the release was enhanced by the application of a alternating current magnetic field. CNAs show no appreciable cytotoxicity in mouse fibroblast (L929) cells but show toxic effects in cervical cancer (HeLa) cells at a concentration of ∼1 mg mL⁻¹. A suitable composition of CNAs with a concentration of 2 mg mL⁻¹ can generate a hyperthermic temperature of ∼43 °C. Also, CNAs, because of their Fe and Pt contents, have an ability to generate reactive oxygen species (ROS) in the presence of hydrogen peroxide inside the cancer cells which helps to enhance its therapeutic effects. The synergistic combination of chemotherapy and ROS is very efficient for killing cancer cells.