Magnetic nanoparticles have properties that cause to apply them in cancer therapy and vehicles for the delivery of drugs such as 5FU, especially when they are modified with biocompatible copolymers. The aim of this study is to modify superparamagnetic iron oxide nanoparticles (SPIONPs) with PCL-PEG-PCL copolymers and then utilization of these nanoparticles for encapsulation of anticancer drug 5FU. The ring-opening polymerization (ROP) was used for the synthesis of PCL-PEG-PCL copolymer by ε-caprolactone (PCL) and polyethylene glycol (PEG2000). We used the double emulsion method (water/oil/water) to prepare 5FU-encapsulated Fe3O4 magnetic nanoparticles modified with PCL-PEG-PCL copolymer. Chemical structure and magnetic properties of 5FU-loaded magnetic-polymer nanoparticles were investigated systematically by employing FT-IR, XRD, VSM and SEM techniques. In vitro release profile of 5FU-loaded NPs was also determined. The results showed that the encapsulation efficiency value for nanoparticles were 90%. Moreover, the release of 5FU is significantly higher at pH 5.8 compared to pH 7.4. Therefore, these nanoparticles have sustained release and can apply for cancer therapy.