Synthesis and characterization of magnetic nanoparticles with excellent size control are showed here. Their functionalization using an amphiphilic polymer is also described. This strategy allows the stabilization of magnetic nanoparticles in aqueous solvents and in addition, the polymer shell serves as a platform to incorporate relevant biomolecules, such as poly(ethylene glycol) and a number of carbohydrates. Nanoparticles functionalized with carbohydrates show the ability to avoid unspecific interactions between proteins present in the working medium and the nanoparticles, so can be used as an alternative to poly(ethylene glycol) molecules. Results confirm these nanoparticles as excellent contrast agents for magnetic resonance imaging. Changes in the spin-spin transversal relaxation times of the surrounding water protons due to nanoparticle aggregation demonstrates the bioactivity of these nanoparticles functionalized with carbohydrates. To finish with, nanoparticle toxicity is evaluated by means of MTT assay. The obtained results clearly indicate that these nanoparticles are excellent candidates for their further application in nanomedicine or nanobiotechnology.