Widespread environmental pollution caused by the misuse of tetracyclines (TCs) has become a global issue, necessitating the development of water treatment materials for antibiotic removal. Magnetic biochar (MBC) possesses several advantages, including a wide range of raw material sources and low cost, making it a potential adsorbent that overcomes the limitations of biochar (BC) regarding solid–liquid separation. In this study, peanut shell-derived magnetic biochar loaded with Fe3O4 (Fe3O4/BC) was prepared to study its adsorption performance and environmental factors for TCs. The adsorption mechanism was revealed using adsorption isotherms, adsorption kinetics and thermodynamics. The results showed that the total pore volume was increased, and surface oxygen-containing functional groups were formed of that before BC modification. In a wide pH range, Fe3O4/BC showed high adsorption performance for TCs, with an adsorption rate of over 85%. Chemical adsorption was the main adsorption mechanism, including hydrogen bonding, as well as π-π interactions, electrostatic interactions, intrapore diffusion and hydrophobic interactions. Moreover, reusability and obtaining cost of the material were analyzed, demonstrating its promising application prospects. This study will promote the application of Fe3O4/BC in the removal of antibiotics pollutants from water.