The synthesis of magnetic iron oxide/reduced graphene oxide (Fe3O4/rGO) and its application to the electrochemical determination of paracetamol using Fe3O4/rGO modified electrode were demonstrated. The obtained materials were characterized by means of X-ray diffraction (XRD), nitrogen adsorption/desorption isotherms, X-ray photoelectron spectroscopy (XPS), transmission electron microscope (TEM), Fourier transform infrared spectroscopy (FTIR), and magnetic measurement. The results showed that Fe3O4/rGO composite exhibited high specific surface area, and its morphology consists of very fine spherical particles of Fe3O4 in nanoscales. Fe3O4/rGO was used as an electrode modifier for the determination of paracetamol by differential pulse-anodic stripping voltammetry (DP-ASV). The preparation of Fe3O4/rGO-based electrode and some factors affecting voltammetric responses were investigated. The results showed that Fe3O4/rGO is a potential electrode modifier for paracetamol detection by DP-ASV with a low limit of detection. The interfering effect of uric acid, ascorbic acid, and dopamine on the current response of paracetamol has been reported. The repeatability, reproducibility, linear range, and limit of detection were also addressed. The proposed method could be applied to the real samples with satisfactory results.