As an abundant potentially dangerous waste, red mud (RM) requires a straightforward method of resource management. In this paper, an RM catalyst loaded with cobalt (Co-RM) was prepared by the coprecipitation method for the efficient activation of persulfate (PS). Its degradation performance and mechanism of ofloxacin (OFL) were investigated. The characterization results of scanning electron microscopy, X-ray diffractometer, and energy dispersive spectrometer showed cobalt was successfully loaded onto the surface of RM, and the catalyst produced could effectively activate PS. Under the conditions of 15 mg/L OFL, 0.4 g/L Co-RM, 4 g/L PDS, 3.0 pH, and 40 °C temperature, the maximum removal rate of OFL by the Co-RM/PDS system was 80.06%. Free radical scavenging experiments confirmed sulfate radicals were the main active substances in the reaction system. The intermediates in OFL degradation were further identified by gas chromatography-mass spectrometry, and a possible degradation pathway was proposed. Finally, the relationship between defluorination rate and time in the Co-RM/PDS degradation OFL system was described by the first-order kinetic equation. This work reports an economical, environmental solution to the use of waste RM and provides a research basis for the further exploration of RM-based catalysts.