A novel graphene quantum dot (GQD)@Fe3O4@SiO2 based nanoprobe was reported for targeted drug delivery, sensing, dual-modal imaging and therapy. Carboxyl-terminated GQD (C-GQD) was firstly conjugated with Fe3O4@SiO2 and then functionalized with cancer targeting molecule folic acid (FA). DOX drug molecules were then loaded on GQD surface of Fe3O4@SiO2@GQD-FA nanoprobe via pi-pi stacking, which resulted in Fe3O4@ SiO2@GQD-FA/DOX conjugates based on a FRET mechanism with GQD as donor molecules and DOX as acceptor molecules. Meanwhile, we successfully performed in vitro MRI and fluorescence imaging of living Hela cells and monitored intracellular drug release process using this Fe3O4@SiO2@GQD-FA/DOX nanoprobe. Cell viability study demonstrated the low cytotoxicity of Fe3O4@SiO2@GQD-FA nanocarrier and the enhanced therapeutic efficacy of Fe3O4@SiO2@GQD-FA/DOX nanoprobe for cancer cells. This luminomagnetic nanoprobe will be a potential platform for cancer accurate diagnosis and therapy.