The invention discloses a rGO/Fe<3+>/g-C3N4 ternary composite photocatalyst. The rGO/Fe<3+>/g-C3N4 ternary composite photocatalyst is obtained by mixing an aqueous iron ion solution and tripolycyanamide, drying, grinding and calcinating to obtain an Fe-C3N4 photocatalyst, protonating the Fe-C3N4 photocatalyst, then mixing with graphene oxide, drying and calcinating. The invention further disclosesa preparation method of the rGO/Fe<3+>/g-C3N4 ternary composite photocatalyst. The preparation method comprises the following steps: (1), preparing the Fe-C3N4 photocatalyst: weighing a certain amount of iron salt, dissolving in deionized water, adding the tripolycyanamide, uniformly mixing, drying, calcinating, and cooling to obtain the Fe-C3N4 photocatalyst; (2), protonating the Fe-C3N4 photocatalyst; (3), dissolving graphene oxide powder in deionized water, ultrasonically dispersing, adding the protonated Fe-C3N4 powder, uniformly mixing, stirring, drying, grinding, and calcinating to obtain the rGO/Fe<3+>/g-C3N4 ternary composite photocatalyst.