β-Cyclodextrin (β-CD) and its derivatives carboxymethyl-β-CD (CM-β-CD) and 2,6-dimethyl-β-CD (DM-β-CD) modified magnetic nanoparticles (CD-MNPs) were synthesized via layer-by-layer method. CDs grafted onto Fe3O4 MNPs were demonstrated by transmission electron microscopy, Fourier transform infrared and Zeta potential. Magnetic properties of CM-β-CD-MNPs, DM-β-CD-MNPs and β-CD-MNPs were characterized by vibrating sample magnetometer and the magnetic saturation values were 47, 46 and 44 emu g−1, respectively. CD-MNPs as drug carriers were investigated by inclusion behavior and in vitro release using ketoprofen (KP) as a model drug. The maximum adsorption quantities of CM-β-CD-MNPs, DM-β-CD-MNPs and β-CD-MNPs for KP were 37.03, 7.63 and 25.12 mg g−1, respectively, and the loading behaviors followed the Langmuir adsorption isotherm model with monolayer adsorption. The release profiles of KP released from KP-loaded CD-MNPs were rapid in initial 60 min and then gradually tend to level off, the release efficiency order was CM-β-CD-MNPs > β-CD-MNPs > DM-β-CD-MNPs, which was consistent with the order of inclusion capability. Therefore, the CD-MNPs were promising candidates for drug delivery.