This paper reports on the simple synthesis of novel green magnetic nanoparticles (MNPs) with effectivecatalytic properties and reusability. These heterogeneous nanocatalysts were prepared by the anchoringof Co and V on the surface of CoFe2O4nanoparticles coated with ascorbic acid (AA) as a green linker.The prepared nanocatalysts have been identified by scanning electron microscopy, transmission electronmicroscopy, energy-dispersive X-ray spectroscopy, X-ray atomic mapping, thermogravimetric analysis,X-ray powder diffraction, vibrating sample magnetometer analysis, coupled plasma optical emissionspectrometry and Fourier transform infrared spectroscopy. The impact of CoFe2O4@AA-M (Co, V) wascarefully examined for NH2OH$HCl oximation of aldehyde derivativesfirst and then for the reduction ofdiverse nitro compounds with sodium borohydride (NaBH4) to the corresponding amines under greenconditions. The catalytic efficiency of magnetic CoFe2O4@AA-M (Co, V) nanocatalysts was investigatedin production of different aldoximes and amines with high turnover numbers (TON) and turnoverfrequencies (TOF) through oximation and reduction reactions respectively. Furthermore, the developedenvironment-friendly method offers a number of advantages such as high turnover frequency, mildreaction conditions, high activity, simple procedure, low cost and easy isolation of the products from thereaction mixture by an external magneticfield and the catalyst can be reused for several consecutiveruns without any remarkable decrease in catalytic efficiency