In this study, the synthesis and characterization of the modified GO and rGO@Fe3O4@Ni composite systems were investigated. Fourier‐transform infrared spectroscopy (FT‐IR), scanning electron microscopy (SEM), transmission electron microscopy (TEM), energy‐dispersive x‐ray spectroscopy (EDX), x‐ray powder diffraction (XRD), vibrating sample magnetometer (VSM), Brunauer–Emmett–Teller (BET) analysis, thermogravimetric analysis (TGA), and inductively coupled plasma optical emission spectroscopy (ICP‐OES) were employed to characterize the prepared nanomaterials. Also, catalytic activities of GO, rGO@Fe3O4, rGO@Ni, and rGO@Fe3O4@Ni were compared, and rGO@Fe3O4@Ni as the efficient magnetic nanocatalyst was applied to expedite the multicomponent coupling reactions (MCRs) of dimedone, malononitrile, and structurally diverse aromatic aldehydes to prepare tetrahydrobenzopyranes. All reactions were fulfilled efficiently in deionized water under reflux conditions. In addition, sustainability of the nanocatalyst was examined for five consecutive reaction cycles without the significant loss of its catalytic activity.