Nanocomposites based on acrylonitrile butadiene rubber (NBR) and ethylene-proplene diene monomer (EPDM) (50/50) filled with different concentrations of nano-waste magnetic filler (nWMF) up to 120 phr were prepared by two laboratory two roll mill mixer. nWMF was characterized using XRD, TEM and VSM. The prepared nanocomposites were investigated by different techniques: SEM, TGA, and DSC. In addition the rheological, mechanical, dielectric and magnetic properties were studied. However, the miscibility of NBR/EPDM/nWMF nanocomposites is enhanced after the addition of nano-waste magnetic filler (nWMF). Also, it is found that the thermal stability of NBR/EPDM blend is improved by increasing nWMF loadings. The incorporation of nWMF in rubber matrix increased minimum/maximum torque, cure rate index and reinforcing factor but decreased both optimum cure and scorch time. The mechanical properties showed an enhancement up to 40 phr of nWMF. Further, the magnetization shows a continuous increase with nWMF loading. In addition, the values epsilon ' and epsilon '' increased upon rising nWMF concentration. The nanocomposite containing 40 phr shows promising mechanical and dielectric properties which validate its use for insulating and antistatic purposes.