In this study, the synthesis and characterization is reported for Fe₃O₄/YVO₄:Eu³⁺ or Dy³⁺ luminomagnetic nanocomposites. The nanocomposites show a spherical morphology with size distribution around 250 nm. In addition, they exhibit relatively high magnetization (17.86 emu g⁻¹) which can make the nanocomposites respond to an external magnetic field quickly and strong red emission (yellow green for Dy) under UV irradiation. The results also indicate that the nanocomposites may have potential applications for optical imaging or drug delivery. Moreover, we discussed the magnetic field effects on the luminescence intensity.