Magnetic biochar displays promising applications in dye wastewater treatment since it can be effectively separated by magnetism. However, the preparation of magnetic biochar with a large specific surface area is complicated and the effects of ferrous and/or ferric ions on dye adsorption are not clear enough. Herein, a facile one-pot approach of magnetic self-nitrogen-doped biochar fabrication was developed, using K3[Fe(C2O4)3] as an activator and iron supplier. Magnetic self-nitrogen-doped biochar could be easily separated with a magnet. Magnetic self-nitrogen-doped biochar had a large specific surface area (1034 m2/g) and excellent adsorption capacities for Congo red (1360 mg/g) and Rhodamine B (320 mg/g). From thermodynamics studies, Congo red adsorption on magnetic self-nitrogen-doped biochar is better than Rhodamine B. Based on the larger adsorption energies, magnetic self-nitrogen-doped biochar has a relatively stronger binding ability for Congo red than Rhodamine B, and the ferrous ions loaded on biochar surface are more beneficial for dye adsorption than ferric ones.