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Monodisperse maghemite nanoparticles, templated in novel, well-defined pyrazole-containing norbornene-based block copolymers, provided a superparamagnetic nanocomposite with high saturation magnetization at room temperature under an applied magnetic field. The synthesis of the polymer nanocomposites and physical, morphological, and magnetic chracaterization of the nanocomposites are reported. Micelle-encapsulated superparamagnetic nanocomposites were generated for dispersal in aqueous medium. Their stability in water in the presence of a magnetic field was investigated as was their morphology and cell viability, strongly suggesting the potential of these superparamagnetic polymer-based nanocomposites in certain biomedical imaging and associated applications.