The coexistence of tetracycline (TC) and arsenite (As(III)) in livestock wastewater threatens public health, and the heterogeneous Fenton-like system is a practical approach for the simultaneous removal of TC and As(III). In this work, fine CoFe2O4 nanoparticles are facilely anchored on heretically porous carbon (CoFe2O4@PC) via a microwave-assisted calcination method and used for eliminating TC and As(III) via peroxymonosulfate (PMS) activation. The CoFe2O4@PC/PMS system exhibits excellent performance in the simultaneous removal of 96% of 10 mg/L TC and 86% of 50 μM As(III) within 30 min, whereas the porous carbon can boost the mass transfer efficiency and protect CoFe2O4 against Co and Fe ions leaching. The CoFe2O4@PC/PMS system maintains satisfactory activity and stability in a broad pH range (3–11) and anti-interference capacity (anions, humic acid and water matrices). Meanwhile, the CoFe2O4@PC with the strong magnetic property was readily recovered from the reaction solution. Moreover, the cooperation of radical (·OH, ·SO4- and ·O2–) and nonradical (1O2) pathways was documented to play critical roles in enhancing the oxidation of TC and As(III), which effectively reduces the toxicity of degradation intermediates. This work offers a facile strategy for constructing spinel-based catalysts and opens a broad prospect for removing TC and As(III) in livestock wastewater.