The presented research includes the preparation, characterization, and implementation of magnetic biosorbent (Fe3O4/RWB), obtained from ragweed (Ambrosia artemisiifolia) biomass. Fe3O4/RWB was examined for the removal of a hazardous dye, malachite green (MG), from an aqueous solution in a batch system. The effects of the experimental parameters—initial dye concentration (10–300 mg/L), contact time (0–120 min), biosorbent dose (1–5 g/L), initial pH (2–10), ionic strength (0–1 mol/L), and temperature (298–318 K) on dye biosorption—were studied. The results showed that increases in biosorbent dose, contact time, and initial pH led to an increase in biosorption efficiency, while the increase in initial dye concentration, the ionic strength, and temperature had the opposite effect. The biosorption kinetics for MG on Fe3O4/RWB were analyzed with pseudo-first-order, pseudo-second-order, and Elovich kinetic models, while the Langmuir, Freundlich and Temkin isotherm models were used for equilibrium data analysis. It was observed that the MG biosorption followed the pseudo-second-order kinetic model, whereas the Langmuir model was the best fit for the equilibrium biosorption data of MG, with a Qmax of 34.1 mg/g. the desorption of MG from Fe3O4/RWB indicated reusability in five adsorption/desorption cycles, good performance, and potential in practical applications.