Photocatalyst degradation is an effective and environment-friendly method for dye pollution. Magnetically recyclable Fe2O3–MFe2O4 composites were successfully synthesized from laterite leach liquors by a simple coprecipitation-calcination method. The as-prepared samples were characterized by x-ray diffraction (XRD), physical property measurement system (PPMS), and UV-Vis. The results show that the Fe2O3–MFe2O4 composites can be easily recycled from the solution due to the magnetic properties. Photodegradation experiments results indicated that the degradation rate of rhodamine B (RhB) solution were found to be about 90.0% for the composites, and the degradation rate were still more than 80.0% after being reused for five times. The heterostructure between the Fe2O3 and MFe2O4 effectively enhanced the separation of electron hole pairs, facilitating the photocatalysis process. This paper provided a facile pathway for comprehensive utilization of laterite leach liquor to synthesize magnetically recyclable Fe2O3–MFe2O4 with enhanced photocatalyst performance.