To gain high photocatalytic activity for hydrogen evolution, both charge separation efficiency and surface reaction kinetics must be improved, and together would be even better. In this study, the visible light photocatalytic hydrogen production activity of graphitic carbon nitride (g-C3N4) was greatly enhanced with MgFe2O4 modification. It was demonstrated that MgFe2O4 could not only extract photoinduced holes from g-C3N4, leading to efficient charge carrier separation at the g-C3N4/MgFe2O4 interface, but also act as an oxidative catalyst accelerating the oxidation reaction kinetics at g-C3N4 surface. This dual function of MgFe2O4 thus contributed to the great improvement (up to three-fold) in photocatalytic activity for hydrogen generation over g-C3N4/MgFe2O4 as compared to pristine g-C3N4, after loading Pt by photoreduction method. It was revealed that in the Pt/g-C3N4/MgFe2O4 system, the photoinduced electrons and holes were entrapped by Pt and MgFe2O4, respectively, giving rise to the promoted charge separation; moreover, as evidenced by electrochemical analysis, the electrocatalysis effect of MgFe2O4 benefited the oxidation reaction at g-C3N4 surface.