Magnetite (Fe3O4) nanoparticles coated with dextrose and gluconic acid possessing both super-paramagnetism and excellent optical properties have been productively synthesized through a straightforward, efficient and cost efficient hydrothermal reduction route using Fe3+ as sole metal precursor acquired from accumulated iron ore tailings - a mining waste that usually represents a major environmental threat. Fe3O4/C nanocomposites were fully elucidated by FEGSEM and TEM, revealing a combination of platelets (<1 µm) capped by particles (<10 nm) and magnetite was verified by XPS, which demonstrated also oxygen deficiency. A dextrose/gluconic acid coating was elucidated by Fourier transform-infrared (FT-IR) spectroscopy and Thermogravimetric analysis (TGA). The Fe3O4/C nanocomposites were found to be superparamagnetic at room temperature. Meanwhile, their optical properties were investigated by UV-visible Diffuse reflectance Spectroscopy (UV-vis DRS) and photoluminescence (PL) spectroscopy; an Eg of 1.86 eV was determined and emissions at 612 and 650 nm (ex. 250 nm) were consistent with the XPS identification of oxygen vacancies. The efficacy of the as-synthesized magnetically recoverable magnetite/carbon (Fe3O4/C) nanocomposites has been exhibited in the photocatalytic degradation of the toxic textile (industrial) dye bodactive red BNC-BS.