Many attempts have been made to improve the biocompatibility and activity of chitosan by combining it with metal oxide nanoparticles [9] and [13]. Due to the magnetic nature of these iron oxide–magnetite nanocomposites, they can be used for magnetically targeted cancer therapy [9] and [14] or may even improve the delivery and recovery of biomolecules for desired biosensing applications [9] and [15]. In addition, the nanoparticles have a unique ability to promote fast electron transfer between electrode and the active site of an enzyme, further improving the scope as a biosensor [9] and [16]. Moreover, magnetic chitosan resins have been used in biological applications such as purification of enzymes and cell separation [16]. However, most of the research efforts in this area were focused to the preparation and characterization of composite particles [11] and [18] while the behavior of magnetic/chitosan composite films were scarcely studied despite the good film forming properties of the biopolymer