Magnetic CoFe2O4 and CoFe2O4/TiO2 nanocatalysts were prepared by a co-precipitation method in which CoFe2O4 induced the formation of thermodynamically more stable rutile phase of TiO2. The structural and elemental analyses confirmed the formation of CoFe2O4 and CoFe2O4/TiO2 nanocatalysts and the specific atomic ratios of Ti, Co, Fe, and O in these catalysts. The presence of Co2+ and Fe3+ cations in its oxide forms on the surface of TiO2 led to visible light absorption in the wavelength range 550-650nm. The band gap calculated by Tauc approach showed ∼3.2, 1.1 and 2.8eV for TiO2, CoFe2O4 and CoFe2O4/TiO2 nanocatalysts, respectively. The photocatalytic degradation of Reactive Red 120 (RR120) was studied by varying its concentration and the amount of nanocatalyst in order to attain a maximum degradation. The role of electron acceptors in the photocatalytic degradation of RR120 was studied in the presence of the magnetic nanocatalysts.