A highly efficient, recyclable and magnetically separable core-shell structured CuZnO@Fe₃O₄ microsphere wrapped with reduced graphene oxide (rGO@CuZnO@Fe₃O₄) photocatalyst has been developed and used for the photoreduction of carbon dioxide with water to produce methanol under visible light irradiation. Owing to the synergistic effect of the components and to the presence of a thin Fe₂O₃ layer on Fe₃O₄, rGO@CuZnO@Fe₃O₄ 4 exhibited higher catalytic activity as compared to the other possible combinations such as CuZnO@Fe₃O₄ 2 and GO@CuZnO@Fe₃O₄ 3 microspheres. The yield of methanol in case of using 2 and 3 as photocatalyst was found to be 858 and 1749 μmol g⁻¹ cat, respectively. However, the yield was increased to 2656 μmol g⁻¹ cat when rGO@CuZnO@Fe₃O₄ 4 was used as photocatalyst under similar experimental conditions. This superior photocatalytic activity of 4 was assumed to be due to the restoration of the sp² hybridized aromatic system in rGO, which facilitated the movement of electrons and resulted in better charge separation. The synthesized heterogeneous photocatalyst could readily be recovered by external magnet and successfully reused for six subsequent cycles without significant loss in the product yield.