Magnetic iron oxide nanoparticles have potential to revolutionise conventional therapeutics, through targeted delivery by external magnetic field. Conventional drug delivery lacks specificity; both normal and infected cells are exposed to toxic drugs. Consequently, the toxicity towards healthy cells leads to detrimental side effects which are formidable. However, iron oxide research in biomedicine has been hindered by their lack of stability. This study reports on the stabilisation of iron oxide by polylactide (PLA). Besides affording stable iron oxide, PLA is also good for sustained delivery of the drug. PLA/doxorubicin/magnetic iron oxide (PLA/DOX/Fe3O4) spheres were synthesised by solvent evaporation method and DOX anticancer drug was encapsulated. The spheres were characterised using scanning electron microscope, Fourier transform infrared microscope, thermogravimetric analyser and UV-visible spectroscopy, which ascertained successful synthesis of the anticipated spheres and incorporation of DOX. In vitro drug release studies were carried out in both phosphate buffer (pH7.4) and acetate buffer (pH4.6) and they showed the same trend in both mediums. Drug release kinetics followed zero order model, which proved drug release at two stages, first by diffusion via a diffusion gradient and second stage through degradation of the PLA. Intriguingly, the same amount of DOX was release per unit time (sustained delivery) and the diffusion mechanism was non-fickian.