The current invention relates to a magnetic field controllable implantable device e.g. stent, capable of selectively and safely releasing drugs in controlled manner at the site of interest. The disclosed device comprises a device body having an outer periphery, and a coating covering at least part of the outer periphery of the device body, comprising the following layers in the order from the inside to the outside: a first insulating layer； a layer of magnetic material having positive or negative magnetocaloric effect of at least 3 K/T； a layer of a sensitive material comprising active substance and capable of controlling a retention/release rate of the active substance； a second insulating layer permeable for the active substance.
