A rapid, simple and sensitive magnetic solid phase extraction method was developed for the preconcentration and determination of palladium ions in water samples. In this study, palladium ions form complexes with 5-(4-Dimethylaminobenzylidene) rhodanine(DMR) and then are quantitatively extracted to the surface of sodium dodecyl sulfate (SDS)-coated magnetite nanoparticles (Fe3O4 NPs) in a batch process and then analysis by flame atomic absorption spectrometry (FAAS). The effect of different parameters such as pH of sample, concentrations of DMR, amounts of SDS and Fe3O4 NPs, contact time and interfering ions on the removal of palladium ions were studied. Salt addition has a negative effect on the removal efficiency of the metal ions, thus extraction follows the ion exchange mechanism. Under optimum conditions, the calibration curve was linear in the range of 50 - 1250 μg L-1 with R2 = 0.9985. Detection and relative standard deviation of the proposed method were 20 μg L-1 and 2.87 %, respectively. The adsorption data were analyzed by Langmuir and Freundlich isotherm models and a maximum adsorption amount of 344.83 mg g-1 and a Langmuir adsorption equilibrium constant of 0.0115 Lmg-1 and Freundlich constant (Kf) 5.84 and (n) 1.26 were obtained. Finally, this adsorbent was successfully used for removal of palladium from several environmental water samples.