In this article a high thermal conductivity magnetic topical medication is provided as a heat transfer agent for cryotherapy. By an appropriate combination of the magnetic formulations prepared using different amounts of magnetite nanoparticles and different type of bases, it was possible to obtain a high thermal conductivity system with a good texture and magnetic properties. Transverse magnetic field increases the thermal conductivity of the formulations to almost two times in its initial value. It was found that polyethylene glycol PEG400/PEG1500 mixed base with magnetite nanoparticles (30.0-50.0%) is a promising candidate for cryotherapy.