Constructing visible-light-active Z-scheme heterojunctions has proven fruitful in enhancing the photocatalytic activity of photocatalysts for superior water clean-up. Herein, we report the fabrication of a CoFe2O4@Bi2O3/NiO (CBN) Z-scheme nanoheterojunction. The obtained CBN heterojunction was used for visible-light-assisted degradation of ofloxacin (OFL) in water. The OFL degradation efficiency achieved by the CBN heterojunction was 95.2% in 90 min with a rate constant of kapp = 0.03316 min−1, which was about eight times that of NiO and thirty times that of CoFe2O4. The photocatalytic activity of a Bi2O3/NiO Z-scheme heterojunction was greatly enhanced by the visible activity and redox mediator effect of the cobalt ferrite co-catalyst. Higher charge-carrier separation, more visible-light capture, and the Z-scheme mechanism in the Z-scheme system were the important reasons for the high performance of CBN. The scavenging experiments suggested ●O2− as an active species for superior OFL degradation. The possible OFL degradation pathway was predicted based on LC-MS findings of degradation intermediate products. The magnetic nature of the CBN helped in the recovery of the catalyst after reuse for six cycles. This work provides new insights into designing oxide-based heterojunctions with high visible-light activity, magnetic character, and high redox capabilities for potential practical applications in environmental treatment.