The ability for a magnetic field to penetrate biological tissues without attenuation has led to significant interest in the use of magnetic nanoparticles for biomedical applications. In particular, active research is ongoing in the areas of magnetically guided drug delivery and magnetic hyperthermia treatment. However, the difficulties in tracing these optically nonactive magnetic nanoparticles hinder their usage in medical research or treatment. Here, a new perovskite-based magneto-fluorescent nanocomposite that allows the in situ, real-time optical visualization of magnetically induced cellular movements is reported. A swelling-deswelling technique is employed to capture a cesium lead halide perovskite and magnetite nanoparticles within a biocompatible polyvinylpyrrolidone matrix, to produce a water-dispersible composite that possesses a combination of strong magnetic response and intense fluorescence. The wavelength-tunability of perovskite nanocrystals is taken advantage of to demonstrate simultaneous multicolor fluorescent tagging of cancer stem cells. The magneto-directed motion of the cancer stem cells through a microfluidic channel is also imaged as a proof-of-concept toward an optically traceable magnetic manipulation of biological systems. These dual-functional nanocomposites could find promising applications in advanced biotechnologies, such as in optogenetics, cellular separation, and drug delivery studies.