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Semiconductor Silicon quantum dots (SiQDs) and magnetic nanomaterials have been studied extensively for their variety of applications. We have presented a new method for the preparation of Magnetic Silicon Quantum Dots (Fe3O4/SiQDs) heterostructure nanocomposites. These nanocomposites are fluorescent, have excellent magnetic properties as well as high photocatalytic activity. Magnetic nanoparticles-semiconductor nanocomposites served as an effective recoverable photocatalyst for melamine degradation. In addition, due to their easy magnetic separation, these nanocomposites showed optimum catalytic activity for 15 cycles of usage.