In this study, we developed a novel magnetic lateral flow assay based on iron oxide decorated with platinum probes (Fe3O4@Pt) for dual-mode detection of gastrin-17 (G-17), which is one of the main biomarkers for early gastric cancer diagnosis. The probe material exhibits both magnetic properties and peroxidase activity. The peroxidase activity enhances the intensity of the brownish coloring of the Fe3O4@Pt probes on the test strip, with a limit of detection of 10 pg mL(-1) using the naked eye, which is remarkable for colorimetric lateral flow assays. The magnetic property allows the simple separation and enrichment of the sample, and the signal can be read using a magnetic assay reader for quantitative detection. The linear range for G-17 using the magnetic signal was determined as 10 pg mL(-1) to 2200 pg mL(-1), and the calculated limit of detection was as low as 3.365 pg mL(-1), thereby covering the reference range for G-17. Serum samples were used to validate the test strip, which exhibited high sensitivity, high specificity, and consistency with the results obtained by the enzyme-linked immunosorbent assay method. The entire inspection process using this method can produce results within 35 min and it is simple to operate without requiring strict experimental conditions. This dual-mode lateral flow test strip provides a simple, rapid, and quantitative strategy for detecting G-17, and it may also be valuable in other portable diagnostic applications.