Adsorption with activated carbon (AC) is an important method for the treatment of heavy metal wastewater, but there are still certain challenges in the separation and reuse of activated carbon. The preparation of magnetic activated carbon (MAC) by modifying AC is one of the effective means to realize the separation of AC from solution after the adsorption process. In this work, lignite and poplar leaves were used as raw materials for co-pyrolysis, and the co-pyrolysis char was activated and modified to prepare MAC. The structure and properties were characterized by VSM, N2 adsorption, SEM, XRD, and FT-IR. At the same time, the adsorption performance of MAC on wastewater containing Pb and Cd ions was studied. The results show that the prepared MAC contains Fe3O4, and the saturation magnetization (Ms) of the MAC is 13.83 emu/g; the specific surface area of the MAC is 805.86 m2/g, and the micropore volume is 0.23 cm3/g; the MAC exhibited a good porous structure. When the pH value of the solution was 5, the adsorption time was 120 min, the dosage of MAC was 4 g/L, the initial concentration of Pb ion solution was 50 mg/L, and that of Cd ion solution was 25 mg/L, and the adsorption temperature was 30 °C, the adsorption efficiency of Pb, Cd ions were 84.40 and 78.80%, respectively, and the adsorption capacities were 10.55 and 4.93 mg/g, respectively. The adsorption of Pb and Cd ions by MAC conforms to the Langmuir adsorption model, which is a monolayer adsorption. The adsorption process is mainly chemical adsorption, which can be better described by the pseudo-second-order model. The adsorption thermodynamic analysis showed that the adsorption of Pb and Cd ions by MAC was a spontaneous reaction, and the higher the temperature, the stronger the spontaneity.