Designing a multifunctional nanomaterial is always considered as a biggest concern in the field of nanomedicine which aims to promote versatile action in a single use from tracking to therapeutics. Therefore, metallic nanoparticles are well exploited as a major platform with the assemblage of surface modifications which can be effectively engaged for plenty of applications. Here, in this work, we have successfully amalgamated gold coated magnetite core-shell nanoparticles along with bio-functionalization of folic acid and doxorubicin to explore its possibility as a distinct nanocargo for cancer nanotheranostics. This unique combination of both magnetic and optical properties makes its function to be more precise. For example, in case of in-vitro drug-release studies more than 75% of drug moieties are released at acidic pH 5.4 and exactly fitting in first order rate kinetics. As gold shell retains the superparamagnetic nature of the core it exhibited high r2 values, and because of large relaxivities (r2/r1) ratio, they are confirmed as T2-weighted contrast agent by MRI. Finally, under microwave of 2.45 GHz exhibited enough heat which can induce both apoptosis & necrosis leading to cell death. Thus, we conclude that our nanoparticle can be a multitool for diagnosis and therapeutics for various human diseases.