Soluble conducting polyaniline composites with low-level loadings of Fe3O4 have been synthesized and characterized. The composites are dispersible in many solvents including water and soluble in polar organic solvents, such as chloroform, N-methylpyrrolidone, and methanol. The conductivity of the sample increases with increase in Fe3O4 loading and typically is in the range of 0.042-0.42 S/cm. The composites are bifunctionally useful in detecting dopamine electrochemically in the concentrations range 1-50 mu M and also work as electrode materials for supercapacitor application.