The present work describes the preparation of Bismuth oxide and magnesium oxide modified with graphene oxide (GO/Bi2O3/MgO) using the co-precipitation method for the elimination of malachite green (MG) and congo red (CR) dyes from aqueous solution. The synthesized GO/Bi2O3/MgO materials were analyzed by using FTIR, SEM, XRD, EDX and EDS. The batch experiment was aimed to investigate the adsorption process by varying various parameters of optimum value for CR and MG dye adsorption such as adsorbent dosage was 100 mg, contact time was 30 min, stirring speed was 250 rpm, initial dye concentration was 30 mg L−1 and pH was 6.5. From experimental data, we concluded that for elimination of MG and CR dye with higher coefficient value (R2) was best fitted with the Langmuir isotherm model. The maximum adsorption capacity was observed to be 45.454 mg/g for MG and 58.823 mg/g for CR, respectively. The mechanism of the adsorbent and both the dyes were explained by electrostatic interaction, π-π interaction, and hydrogen bonding. To check the stability of the GO/Bi2O3/MgO materials, we performed the reusability study using various solvents like methanol, ethanol, water, sodium hydroxide and acetone. Among various solvents, NaOH has shown maximum desorption of both dyes.