Layered double hydroxides (LDH) with MgAl and ZnAl cation combination are well-known as drug-delivery vehicles. Aluminum provides structural stability enabling the intercalation and functionalization of materials to produce multifunctional materials for biomedical applications. However, aluminum is not desirable as it is a possible promoter of neurodegenerative diseases. In this work, we explore some procedures to obtain aluminum-free LDH composed of MgFe, additionally including Gd(III) and Dy(III) cations. The resulting medium-entropy material was further functionalized with doxorubicin (Dox), a chemotherapeutic drug, and trastuzumab (Tzmb), an antibody used to confer selectivity to breast cancer cells. The stability of the medium-entropy structure was assessed against the functionalization processes by X-ray diffraction (XRD), infrared spectroscopy (FTIR), and the Z-potential technique. Finally, the functionalized particles served as magnetic resonance imaging (MRI) contrast agents, demonstrating the potential of MgFeGdDy LDH as theranostic particles.