Water-soluble magnetic-functionalized graphitic carbon nitride (g-C3N4) composites were synthesized successfully by in situ decorating spinel ZnFe2O4 nanoparticles on g-C3N4 sheets (CN-ZnFe) through a one-step solvothermal method. The magnetic properties of CN-ZnFe can be effectively controlled via tuning the coverage density and the size of ZnFe2O4 nanoparticles. The results indicate that the CN-ZnFe exhibits excellent photocatalytic efficiency for methyl orange (MO) and fast separation from aqueous solution by magnet. Interestingly, the catalytic performance of the CN-ZnFe is strongly dependent on the loading of ZnFe2O4. The optimum activity of 160CN-ZnFe photocatalyst is almost 6.4 and 5.6 times higher than those of individual g-C3N4 and ZnFe2O4 toward MO degradation, respectively. By carefully investigating the influence factors, a possible mechanism is proposed and it is believed that the synergistic effect of g-C3N4 and ZnFe2O4, the smaller particle size, and the high solubility in water contribute to the effective electron-hole pairs separation and excellent photocatalytic efficiency. This work could provide new insights that g-C3N4 sheets function as good support to develop highly efficient g-C3N4-based magnetic photocatalysts in environmental pollution cleanup.