Cancer is a major global health problem, and finding effective treatments is a challenging task. Magnetic hyperthermia is one of the promising alternative cancer treatments because the heat generated is localized and safe for healthy cells. Magnetite (Fe₃O₄) nanoparticles are commonly used as heat generating materials. This study focuses on the development of Fe₃O₄ nanoparticles through green synthesis using Moringa oleifera extract. Fe₃O₄ is coated with silver nanoparticles using mesoporous silica. Silver (Ag) nanoparticles are used because of their biocompatibility while mesoporous silica nanoparticles (MSN) because of their ability to carry other agents and their relatively low toxicity. X-ray diffraction revealed that the addition of Ag reduced the average crystallite size of the Fe₃O₄-MSN/Ag composite to around 15.7–16.1 nm, with an average particle size of 21.3 nm. The presence of magnetite and silver was confirmed by electron microscopy techniques. Magnetic tests showed that the composite had a saturation magnetization of about 10 emu/g. Heat generation tests showed that the composite could increase the temperature by more than 5 °C, exceeding the minimum temperature required for effective hyperthermia treatment, with a specific absorption rate (SAR) of 1.59 W/g at a field strength of 150 Oe and a frequency of 20 kHz. The effective SAR value obtained is almost 5 times greater compared to commercial Fe₃O₄. In vitro cytotoxicity tests utilize NIH3T3 fibroblasts showed that Fe₃O₄-MSN/Ag was non-toxic. These results indicate that this magnetic nanocomposite has significantly improved structural, optical, magnetic, and thermal properties, making it a promising candidate for cancer hyperthermia treatment.