Magnetic nanocomposite fibers are a topic of intense research due to their potential breakthrough applications such as smart magnetic-field-response devices and electromagnetic interference (EMI) shielding. However, clustering of nanoparticles in a polymer matrix is a recognized challenge for obtaining a property-controllable nanocomposite fiber. Another challenge is that the strength and ductility of the nanocomposite fiber decrease significantly with increased weight loading of magnetic nanoparticles in the fiber. Here, we report high-strength single-walled carbon nanotube (SWNT)/permalloy nanoparticle (PNP)/poly(vinyl alcohol) multifunctional nanocomposite fibers fabricated by wet spinning. The weight loadings of SWNTs and PNPs in the fiber were as high as 12.0 and 38.0%, respectively. The tensile strength of the fiber was as high as 700 MPa, and electrical conductivity reached 96.7 S m(-1). The saturation magnetization (Ms) was as high as 24.8 emu g(-1). The EMI attenuation of a fabric woven from the prepared fiber approached 100% when tested with electromagnetic waves with a frequency higher than 6 GHz. The present study demonstrates that a magnetic-field-response device can be designed using the fabricated multifunctional nanocomposite fiber.