A high-surface-area and inexpensive activated carbon has been produced from lemon peel using chemical activation with HPO at 500 °C in a N atmosphere. Afterwards, the synthesized cobalt nanoparticles using coprecipitation method were adsorbed on the activated carbon surface, and as a result magnetic activated carbon was obtained. Sample characterization has been assessed via X-ray diffraction, Fourier transform infrared spectroscopy, scanning electron microscopy, X-ray photoelectron spectroscopy, nitrogen adsorption-desorption and magnetic properties. It was found that magnetic activated carbon-cobalt nanoparticles (MAC/Co) synthesized had a high saturation magnetization. The MAC/Co revealed super-paramagnetic behaviors at room temperature, and have been readily isolated from solution by using an exterior magnet. Next, adsorption behavior of malachite green and Pb(II) onto the generated MAC/Co has been examined. Sorption kinetics and equilibrium have been studied using batch procedure. The kinetic and isothermal adsorption results were matched completely with the Elovich and Langmuir models, respectively. Based on the Langmuir model, the highest adsorption capacities of malachite green dye and Pb(II) ion respectively were 263.2 and 312.5 mg g at room temperature. Based on the results, the MAC/Co is a probable economic and effective adsorbent that can be employed as a new adsorbent to remove malachite green dye and Pb(II) from wastewater.