An amphiphilic diacetylene compound was deposited on the surface of nano sized magnetite particles ($Fe_3O_4$) using a self-assembly method. The diacetylene molecular assembly formed on the surface of nanoparticle was subjected to photopolymerization. This resulted in the formation of a polymeric assembly on the surface of the nanoparticles in which the adjacent diacetylene molecules were connected through conjugated covalent networks. The presence of immobilized polymer species on the surface of nanoparticles is expected to protect them from agglomeration and ripening, thereby stabilizing their physical properties. In this work, $Fe_3O_4$ nanoparticles were prepared by chemical coprecipitation method and the diacetylene molecule 10,12- pentacosadiynoic acid (PCDA) was anchored to the surface of $Fe_3O_4$ nanoparticles through its carboxylate head group. Irradiation of UV light on the nanoparticles containing immobilized diacetylenes resulted in the formation of a polymeric assembly. Presence of diacetylene molecules on the surface of nanoparticles was confirmed by X-ray photoelectron spectroscopy and FT-IR measurements. Photopolymerization of the diacetylene assembly was detected by UV-Visible spectroscopy. Magnetic properties of the nanoparticles coated with polymeric assembly were investigated with SQUID and magnetic hysteresis showed superparamagnetic behaviors. The results put forward a simple and effective method for achieving polymer coating on the surface of magnetic nanoparticle.