In the present research, a “green” recipe was used to produce innovative phytogenic magnetic nanoparticles (PMNPs) from leaf extract of Fraxinus chinensis Roxb without employing any additional toxic surfactants as capping agents. The convenient reaction between metal salt solution and plant biomolecules occurred within a few minutes by color changes from pale green to intense black, hinting at the production of magnetic nanoparticles (MNPs). The formation of PMNPs was verified by employing different techniques such as UV-visible spectrophotometry, Fourier transform infrared spectroscopy (FTIR), powder X-ray diffraction (XRD), scanning electron microscope (SEM) and energy dispersive X-ray (EDX). The fabricated PMNPs were further utilized as a catalyst for removing toxic dyes, i.e., Crystal violet (CV) and Eriochrome black T (EBT) from aqueous solutions in the presence of hydrogen peroxide (H₂O₂). The concentrations of CV and EBT were calculated using ultraviolet-visible (UV-vis) spectroscopy throughout all the experiments. The results indicated that PMNPs showed >95% removal of both dyes within 10 min of contact time over a wide range of concentration, 10-300 mg/L. The degradation kinetics were also investigated using first- and second-order rate equations, and the results indicated that kinetic data of both CV and EBT followed first-order degradation rate. Moreover, the removal efficiency of the fabricated PMNPs was also compared with chemically synthesized magnetic nanoparticles (CSMNPs), and the results indicated that our fabricated PMNPs were more effective in terms of extent and speed to remove dyes. Finally, we have also proposed a possible removal mechanism. Altogether, the developed “green” recipe can easily be implemented to produce potentially biocompatible and non-toxic PMNPs for treatment of wastewater and can also easily be employed in low-economy countries.