We report the synthesis and properties of rod-shaped gold/iron oxide nanomotors that are powered by visible light in dilute hydrogen peroxide solutions. Electrochemical measurements confirmed that the light-driven nanomotors operate by a self-electrophoretic mechanism, modulated by the photovoltage and the photoconductivity of gold/iron oxide. Due to the magnetism of iron oxide, the nanomotors can be steered by an external magnetic field without incorporating additional magnetic materials into the nanomotors.