We investigate the metal–insulator transition (MIT) of the osmium pyrochlore oxide Cd2Os2O7 through transport and magnetization measurements. The MIT and a magnetic transition to the all-in/all-out (AIAO) order occur simultaneously at 227 K. We propose a mechanism based on a Lifshitz transition induced by the AIAO magnetic order probably via strong spin–orbit couplings in the specific semimetallic band structure. It is suggested, moreover, that two observed puzzles, a finite conductivity near T = 0 and an emergence of weak ferromagnetic moments, are not bulk properties but originate at magnetic domain walls between two kinds of AIAO domains.