In this paper, magnetic carbon nanotube (M-CNT) was synthesized. The photocatalytic dye degradation ability of M-CNT in the presence of hydrogen peroxide (H2O2) from colored wastewater was studied. Manganese ferrite (MnFe2O4) was synthesized in the presence of multiwalled carbon nanotube. Direct Red 23 (DR23), Direct Red 31 (DR31), and Direct Red 81 (DR81) were used as anionic dyes. The characteristics of M-CNT were investigated using Fourier transform infrared (FTIR), X-ray diffraction (XRD), and scanning electron microscope (SEM). The photocatalytic dye degradation using M-CNT was studied by UV-vis spectrophotometer and ion chromatography (IC). The effects of M-CNT dosage, initial dye concentration, and salt on the degradation of dye were evaluated. Formate, acetate, and oxalate anions were detected as dominant aliphatic intermediates. Inorganic anions (nitrate and sulfate anions) were detected and quantified as the mineralization products of dyes during the degradation process. The results indicated that the M-CNT could be used as a magnetic catalyst to degrade anionic dyes from colored wastewater.