A novel polymer gel exhibiting simultaneous temperature and magnetic field sensitivity has been prepared and studied. Poly(N-isopropylacrylamide) (PNIPA) and magnetic nanoparticles (magnetite, Fe3O4) loaded PNIPA gel beads with mm size and monolith gels with cm size were prepared. The dependence of swelling degree on the temperature has been studied. The effects of cross-linking density and the presence of magnetic nanoparticles on the equilibrium swelling degree as well as on the collapse transition have been investigated. Swelling kinetic measurements were also made. By comparing the equilibrium swelling properties of PNIPA and magnetite loaded PNIPA gels it was found that the built in magnetic nanoparticles do not modify the temperature sensitivity of these gels. Within the experimental accuracy the temperature of the collapse transition was not sensitive to the presence of magnetic particles. We have compared the swelling behaviour of mm size gel beads to the cm size monolith gels in order to study the influence of surface skin layer on the swelling equilibrium. It was established that the extent of surface skin formation was decreased by the presence of magnetic particles.