An efficient theragnostic which offers diagnosis and therapy of cancer is developed using a polymer based nanocarrier embedded with fluorescent quantum dots by the ionotropic gelation method. The FTIR spectra provide direct evidence of formation of polymer based nanocarrier comprising chitosan-alginate micro beads (CS-ALG beads). Notably, the SEM images showed highly porous structure of polymeric beads without Ag NPs and CdS QDs. The morphology of CS-ALG beads loaded with Ag NPs and CdS QDs showed smooth surface, glossy, homogenous shape under scanning electron microscopy and it could be due to high loading of fluorescent and silver NPs. The EDX analysis of as synthesised nanoparticle embedded polymeric beads showed X-ray peaks of Cd, S corresponds to CdS NPs. And the X- Ray peaks of C, O corresponds to the polymer beads. Characterization of nanocarrier for the presence of polymers has been confirmed by studies carried out using thermogravimetric analysis (TGA) showed complete degradation of Chitosan at about 450 °C while calcium alginate exhibits three-step decomposition. Further, the swelling studies of dried CS-ALG beads were carried out at room temperature and about 97% of swelling is being observed at pH 5 in 45 min. and 44% swelling is observed at pH 2. Copyright © VBRI Press.