This paper was devoted to studying the structure of the photon spheres and time-like circular orbits in the magnetic Gauss–Bonnet black hole space–time. Herein, the relationship between the photon spheres, the time-like circular orbits, and the black hole horizons was analyzed. We found that the photon sphere curve of the black hole ends at the horizon curve of the extreme black hole. The outer photon sphere is unstable and the inner photon sphere is stable. However, given that there is physically no inner photon sphere of the black hole inside the event horizon, the black hole has only one unstable photon sphere. Specifically, compact massive objects have at most two photon spheres, i.e., stable and unstable. Moreover, the curve of extremal stable time-like circular orbits ends at the coincidence of the inner and outer photon spheres, whereas the inner time-like circular orbits cannot be inside the photon spheres. Therefore, the extremal stable time-like circular orbits become multivalued, which is related to the existence of the photon sphere. When the photon sphere exists, the extremal stable time-like circular orbits behave as the innermost stable circular orbits. When the photon sphere does not exist, the extremal stable time-like circular orbits have both an innermost stable circular orbit and an outermost stable circular orbit.