The use of banana peel as a sustainable and low-cost precursor for the fabrication of effective biochar was exploited. Here, calcined magnetic biochar (CMB) was fabricated and characterized. CMB possesses surface acidic functional groups (–OH and COO−), porous structures, high saturation magnetization (39.55 emu/g), and larger surface area than the non-magnetic biochar (CB). The CMB adsorption performance (72.8, 75.9, and 83.4 mg/g for Zn2+, Cu2+, and Hg2+, respectively at pH 6) in a single component was described suitably by pseudo-second order kinetic model, Langmuir, and Redlich-Peterson adsorption isotherms. Notably, the selectivity factor values in the extended Langmuir isotherm indicated that CMB has higher adsorption affinity toward Hg2+ than Cu2+ and Zn2+ in the multi-component system. Owing to its high adsorption efficiency and fast and easy separation, the calcined magnetic biochar is considered promising and effective for the purification of heavy metal–bearing wastewater. [ABSTRACT FROM AUTHOR]