In this study, MNPs were synthesized, coated with biocompatible polyethylene glycol (PEG) and conjugated with folic acid. Crystal and chemical structures, shape, size and magnetic properties of synthesized nanoparticles were characterized. Agglomeration tendency of naked nanoparticles were prevented by oleic acid addition during the synthesis. All synthesized MNPs have been found to exhibit superparamagnetic behavior at 23 degrees C and 37 degrees C. Cytotoxic effects of MNPs were investigated on Doxorubicin, Zoledronic acid and Paclitaxel resistant MCF-7 breast cancer cell lines. The synthesized nanoparticles have been found to be suitable for drug targeting in terms of size, shape, magnetic and cytotoxic properties.