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Applications of magnetic and fluorescent poly(ε-caprolactone) (PCL) is increased rapidly in the biomedical engineering field as a bioimaging probe. This urged us to do the present work. In the present investigation, the role of Fe 3 O 4-AR dye nanohybrid on the ring opening polymerization (ROP) of CL was studied at different experimental conditions such as variation in [M] and [M/I]. Prior to ROP of CL, the nanohybrid was characterized by various spectral methods like FTIR spectroscopy, UV-visible spectroscopy, fluorescence spectroscopy, VSM and FESEM like analytical techniques. The Fe 3 O 4-AR nanohybrid is used as an initiator for the ROP of CL. After the formation of PCL/Fe 3 O 4-AR nanocomposite again the systems were characterized by FTIR spectroscopy, UV-visible spectroscopy, fluorescence spectroscopy, DSC, VSM and FESEM like methods. The interesting point noted in the present investigation is the size of Fe 3 O 4 nanoparticle was found to be reduced after the nanohybrid and nanocomposite formation. The three functional groups of AR dye were involved in the ROP of CL. The binding constant and number of binding sites were determined.