An oligo(ethylene glycol)- grafted amidoamine dendrimer was synthesized and characterized by FTIR, MS, 1H and 13C NMR. The dendritic scaffold was evaluated for its potential to load doxorubicin and its release, thereafter. The interaction between drug and the dendrimer was reviewed by ζ potential, HPLC, NMR and FTIR spectroscopy. The drug encapsulation efficiency was as high as 52%. The temperature stimulated release characteristics of the DOX loaded dendrimers were studied in PBS and SBF at 37 °C (physiological temperature) and 43 °C (hyperthermic temperature). A biphasic suspension of the dendrimer–drug conjugate and a magnetic fluid entitles release of the drug under AC magnetic field which can simultaneously be used for hyperthermia treatment of cancer. The efficacy of dendrimer–DOX conjugate was evaluated in vitro against cancer cell lines and the IC50 was estimated.