Preparation of an efficient hybrid structure photocatalyst for photocatalytic decomposition has been considered a great option to develop renewable technologies for environmental remediation. Herein, ternary magnetic Fe3O4/GQD/g-C3N4 nanocomposite (FGC) was prepared using the ball mill method. Binary nanocomposites Fe3O4/g-C3N4 (F/CN) and GQD/g-C3N4 (G/CN) were prepared to compare photocatalytic activity with FGC. The performance of photocatalysts for degradation of rhodamine B (RhB) was studied. EDX results showed that Fe3O4, GQD and g-C3N4 nanoparticles (NPs) are uniformly distributed in the FGC. The FGC nanocomposite shows superparamagnetic behaviour with a saturation magnetization of 12 emu. g-1, which makes it favourable compound for magnetic separation procedure. Photocatalytic activity of FGC (100%) was much higher than those of the G/CN (88%) and F/CN (77%) photocatalysts. The superior activity of FGC compared to binary composites was attributed to broader absorption in the visible light band and greater suppression of electron-hole recombination. The photocatalytic degradation of RhB using FGC was consistent with pseudo-first-order kinetics. The reusability of FGC was examined for four runs and no noticeable decrease was observed with the same irradiation time for each run. Finally, it can be argued that FGC photocatalyst can be an efficient semiconductor for the degradation of organic dyes from wastewater.