As an iron-bearing silicate mineral, fayalite has similar surface properties to magnetite, which makes it challenging to efficiently separate fayalite from magnetite by flotation. In this study, magnetite and fayalite were separated using novel combined collector polyoxyethylene alkyl amine (PAE) and terpinol (AT) through reverse flotation. Combined with a variety of characterization analysis and molecular dynamics (MD) simulation, the synergistic adsorption mechanism of the combined collector on mineral surface was revealed from multiple perspectives. The optimum scheme and pH response range of the combined collector were determined by micro-flotation test. Compared with PAE alone, the difference value of flotation recovery between fayalite and magnetite using combined collector was increased by 10.16%, and the dosage was reduced by 20%. Additionally, an effectively adsorption of combined collector onto fayalite surface to improve its surface hydrophobicity. Fourier transform infrared (FTIR), X-ray photoelectron spectroscopy (XPS) and MD simulations results showed synergistic adsorption was produced onto fayalite surface using combined collector mainly through non-polar interaction, hydrogen bond association and bridge adsorption. Furthermore, the spatial distribution and diffusion behavior of water molecules provide microscopic evidence for the enhancement of surface hydrophobicity of fayalite by combined collector.