In this study, a novel carbon nanotube (CNT) based nanocatalyst (Ni@Pd/CNT) was synthesized by modifying CNTs using Ni@Pd core-shell nanoparticles (NPs). Ni@Pd/CNT was used in catalytic carbonylative cross-coupling between 4-iodoanisole and phenylboronic acid. The Ni@Pd NPs possessed a magnetic nickel (Ni) core with a palladium (Pd) structural composite shell. Thus, the use of Ni had led to a reduced consumption of Pd without sacrificing the overall catalytic performance, simultaneously making it reusable as it could be conveniently recovered from the reaction mixture by using an external magnetic field. Immobilization of the Ni@Pd NPs on carbon nanotubes not only prevented their aggregation, but also significantly enhanced the accessibility of the catalytically active sites. The abovementioned approach based on carbon nanotubes and Ni@Pd NPs provided a useful platform for the fabrication of noble-metal-based nanocatalysts with easy accessibility and low cost, which may allow for an efficient green alternative for various catalytic reductions. This journal is © The Royal Society of Chemistry.