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Magnetite nanoparticles are prominently used in wastewater treatment for the removal of a range of contaminants. However, the usage of toxic and costly chemicals for their synthesis greatly limits their applications. Herein, we developed a cheap and sustainable process to synthesize magnetite nanoparticles (SS–Fe3O4NPs) by employing the extract of Sargassum spp.—an abundantly available marine macroalgae along the Western coastal region of India. The morphological and structural features of SS–Fe3O4NPs were analyzed using various methods. Agglomerated spherical particles were witnessed in FESEM and TEM images and the elemental Fe and O were noticed in the EDS analysis. The crystalline nature was confirmed from SAED and XRD analyses. The lattice parameter value of 8.3545 Å obtained using XRD data confirmed the standard crystal structure of magnetite. XPS study corroborated the oxidation states of Fe and O, which are specific for magnetite. The presence and the role of the biomolecules in the synthesis of SS–Fe3O4NPs was ascertained from FTIR and XPS studies. In addition, the EDS, XRD, and XPS analyses revealed the purity of the SS–Fe3O4NPs. The high magnetic saturation value of 65.85 emu/g portrayed the magnetic nature of the synthesized SS–Fe3O4NPs. The magnetite nanoparticles were thermally stable until 800 °C with an overall weight loss of 6.21%. Raman spectrum showed the signature peak of magnetite at 668 cm−1. The BET specific surface area was 45.11 m2/g, marginally higher than the commercial counterpart. The synthesized magnetite nanoparticles exhibited remarkable catalytic efficiency to degrade methylene blue dye, showing 98% degradation in 25 min, establishing the rapidness of the process. Therefore, the SS–Fe3O4NPs synthesized herein, could play a significant part in the management of dye-laden industrial wastewater effectively. [ABSTRACT FROM AUTHOR]