In this study, a new combined process of hydrodynamic cavitation (HC) and a hydrogen peroxide/vitamin C (H2O2/Vc) system was proposed for the degradation of methylene blue (MB) in wastewater. An impact-jet hydraulic cavitator was used as the cavitation generation equipment, and H2O2/Vc was selected as a homogeneous oxidation system. The degradation characteristics of MB were investigated. The results showed that the degradation effect of HC in combination with the H2O2/Vc system was more effective than that of the individual HC or H2O2/Vc system. A maximum degradation rate of 87.8% was achieved under the following conditions: H2O2 concentration of 0.03 mol/L, Vc concentration of 0.021 mol/L, inlet pressure of 0.3 MPa, initial solution concentration of 4 μmol/L, solution volume of 150 mL, and reaction time of 10 min. The synergy index was 1.615, indicating a synergistic effect between the HC and H2O2/Vc system. The data of the hydroxyl radical (·OH) yield under the conditions of HC, the H2O2/Vc system, and the HC + H2O2/Vc system were fitted and analyzed. A correlation equation for ·OH yield was established, further revealing the synergistic mechanism of the HC and H2O2/Vc system. The intermediate products of MB degradation were detected based on LC-MS, and three possible degradation pathways of MB degradation were proposed. The combined process of HC and H2O2/Vc systems exhibited relatively low energy efficiency and operating cost, indicating that it was in line with the development direction of wastewater treatment.