Cobalt superparamagnetic spinel ferrite (CoFe2O4) nanoparticles were synthesized following a microemulsion method, and functionalized with Schiff-base groups on the surface to form immobilized bidentate ligands. The functionalized nanoparticles were complexed with palladium acetate, affording the immobilized palladium complex catalysts with a palladium loading of 0.21 mmol/g. The catalyst was characterized by X-ray powder difftaction (XRD), scanning electron microscope (SEM), transmission electron microscope (TEM), thermogravimetric analysis (TGA), Fourier transform inftared (FT-IR), and elemental analysis (EA). The immobilized palladium complex was used as an efficient catalyst for the Suzuki reaction of iodobenzene and phenylboronic acid. Recovery of catalyst was facilely achieved by simple magnetic decantation. The immobilized palladium complex catalyst could be reused several times without significant degradation in catalytic activity.