A drug-releasing Cu-doped Fe₃O₄/bioactive glass 58S/chitosan coating was deposited on AISI 316L stainless steel via electrophoretic deposition, aiming to improve biomedical properties of the surface. The structure and morphology of coating layers were characterized by X-ray diffraction (XRD), Fourier-transform infrared spectroscopy (FTIR), field-emission scanning electron microscopy (FE-SEM), and energy-dispersive X-ray spectroscopy (EDS), confirming homogeneity and effective integration of the composite constituents. Magnetic properties were evaluated using vibrating sample magnetometry (VSM). Contact angle measurements demonstrated enhanced surface wettability, while laser profilometry confirmed surface topography optimization. Drug release kinetics were analyzed via UV–Vis spectrophotometry, revealing sustained release of amikacin. Bioactivity was assessed in simulated body fluid (SBF), with inductively coupled plasma mass spectrometry (ICP-MS) and SEM-EDS analyses confirming hydroxyapatite formation on the surface. Cytocompatibility was evaluated using MTT assays on MG63 cells, showing high viability in accordance with ISO 10993-5 standards. Antibacterial activity, quantified via colony count and the agar disk diffusion assays, demonstrated significant inhibition against Staphylococcus aureus and Escherichia coli. This proposed composite coating addresses critical challenges in biomedical implants, including poor bioactivity, bacterial colonization, and uncontrolled drug release. Drug-releasing Cu-doped Fe₃O₄/bioactive glass/chitosan coating appears to be a promising easy-to-apply coating orthopedic/biomedical applications.