This paper investigates the oxidation of oil sands process-affected water (OSPW) by potassium ferrate(VI). Due to the selectivity of ferrate(VI) oxidation, two-ring and three-ring fluorescing aromatics were preferentially removed at doses <100 mg/L Fe(VI), and one-ring aromatics were removed only at doses ≥100 mg/L Fe(VI). Ferrate(VI) oxidation achieved 64.0% and 78.4% removal of naphthenic acids (NAs) at the dose of 200 mg/L and 400 mg/L Fe(VI) respectively, and NAs with high carbon number and ring number were removed preferentially. (1)H nuclear magnetic resonance ((1)H NMR) spectra indicated that the oxidation of fluorescing aromatics resulted in the opening of some aromatic rings. Electron paramagnetic resonance (EPR) analysis detected signals of organic radical intermediates, indicating that one-electron transfer is one of the probable mechanisms in the oxidation of NAs. The inhibition effect of OSPW on Vibrio fischeri and the toxicity effect on goldfish primary kidney macrophages (PKMs) were both reduced after ferrate(VI) oxidation. The fluorescing aromatics in OSPW were proposed to be an important contributor to this acute toxicity. Degradation of model compounds with ferrate(VI) was also investigated and the results confirmed our findings in OSPW study.