A novel biosensor based on magnetic nanoparticles (MNPs) functionalized with tyrosinase in an operational synergy with a multiwalled carbon nanotube (MWCNT) network is developed. An on–off external magnetic field is applied to a screen-printed electrode (SPE), which is used as a transducing platform. This enables an interesting on-demand biosensing performance. The effect of each component on the response of the developed device is carefully evaluated; particularly interesting results are presented for the contributions of MNPs and carbon nanotubes. A tyrosinase-based model biosensing approach is used, while a potential of −0.15 V versus Ag/AgCl for the electrochemical reduction of the enzyme products (quinone forms) onto the magnetoswitchable SPE/MNP/Tyr/MWCNT system is applied. The response of the biosensor to catechol is also evaluated; a limit of detection (signal to noise ratio (S/N) = 3) for catechol is found to be around 7.61 μM (S/N = 3) with a relative standard deviation (RSD) of 4.91% (n = 3). The developed device could open the door to a wide range of novel electrocatalytic and bioelectrocatalytic applications of magnetocontrolled redox enzymes. Furthermore, it could be used in miniaturized and portable biosensing systems, such as lab-on-a-chip devices, in medical and environmental applications that have a restricted quantity of sample. Further applications could be envisaged for many other fields, such as external control of catalytic transformations in bioreactors, tailoring of reversible amperometric immunosensors, regeneration of enzyme-biosensor electrodes, and external triggering of biofuel cells.