Magnetically targeted drug delivery by particulate carriers is an efficient method of delivering drugs to localized disease sites, such as tumors. Thus, high concentrations of carrier molecules such as therapeutic radiopharmaceuticals can be achieved near the target site without any toxic effects to normal surrounding tissue. In this study, magnetic targeting carriers (MTC) were radioiodinated with I-131 using three different methods (1) I-131 was directly bound onto MTC, (2) an iron complex of 8-hydroxyquinoline (8-OHQ) has been absorbed onto magnetic microspheres. The iodogen method was performed for the iodination of the complexes. (3) 8-OHQ was radioiodinated before chelating with Fe. Reaction parameters were investigated in order to optimize the final properties of the labeled MTC. The best labeling yield and the best stability were obtained when 8-OHQ was chelated before the radioiodination. Binding efficiency was found to be 99.58%. The labeling of the MTC with I-131 was undertaken to allow for therapy with I-131-labeled MTC with simultaneous imaging.