In this study, Fe3O4@TiO2 nanoparticles were synthesized as a new Positron Emission Tomography/Magnetic Resonance Imaging (PET/MRI) hybrid imaging agent and radiolabeled with Zr-89. In addition, Fe3O4 nanoparticles were synthesized and radiolabeled with Zr-89. Df-Bz-NCS was used as bifunctional ligand. The nanoconjugates were characterized with transmission electron microscopy, scanning electron microscopy, and dynamic light scattering. Radiolabeling yields were 100%. Breast and prostate cancer cell affinities and cytotoxicity were determined using in vitro cell culture assays. The results demonstrated that Fe3O4@TiO2 nanoparticles are promising for PET/MR imaging. Finally, unlike Fe3O4 nanoparticles, Fe3O4@TiO2 nanoparticles showed a fluorescence spectrum at an excitation wavelength of 250 nm and an emission wavelength of 314 nm. Therefore, in addition to bearing the magnetic properties of Fe3O4 nanoparticles, Fe3O4@TiO2 nanoparticles display fluorescence emission. This provides them with photodynamic therapy potential. Therefore multimodal treatment was performed with the combination of PDT and RT by using human prostate cancer cell line (PC3). The development of Zr-89-Df-Bz-NCS-Fe3O4@TiO2 nanoparticles as a new multifunctional PET/MRI agent with photodynamic therapy and hyperthermia therapeutic ability would be very useful.