The limited photoelectric conversion efficiency poses one of the critical constraints on commercializing solar flow batteries (SFBs). This study compares the chemical and photoelectrochemical properties of three commonly used redox couples. Additionally, magnetic Fe3O4 nanoparticles, for the first time, are introduced to optimize the electrolyte, and they are compared with the original electrolyte. Across different redox couples, the variations in semiconductor flat-band potentials and carrier concentrations result in changes in photoelectric current density. Notably, FeCl2/FeCl3 redox coupled with TiO2 photoelectrodes exhibits the highest photoelectric current density, reaching 75.7 µA cm−2. However, the trade-off of this electrolyte, i.e., providing high photocurrent while being unable to supply sufficient open-circuit voltage, imposes limitations on the practical application of SFBs. Alternatively, for TEMPO and 4-OH-TEMPO electrolytes, which can provide a higher open-circuit voltage, the electrochemical activity is enhanced, and the solution ohmic resistance is reduced by introducing magnetic nanoparticles to form a magnetic nanofluid. As a result, the photoanode’s photocurrent density increases by 36.6% and 17.0%, respectively, in the two electrolytes. The work reported here effectively addresses the current issue of low photocurrent density in SFBs and presents new optimization strategies for SFBs.