Chitosan coated magnetic nanoparticles were synthesized and used as a support for the immobilization of the cobalt(II) acetylacetonate complex [Co(acac)₂] and quaternary triphenylphosphonium bromide [P⁺Ph₃Br⁻] targeting –NH₂ and –OH moieties located on the surface of chitosan. The synthesized material was used as a catalyst for one pot direct synthesis of cyclic carbonates from olefins via an oxidative carboxylation approach with carbon dioxide using isobutyraldehyde as the sacrificial reductant and molecular oxygen as the oxidant. After the reaction, the catalyst was recovered by applying an external magnet and reused for several runs without significant loss in catalytic activity and no leaching was observed during this course.