Currently, sulfate-radical-based advanced oxidation processes are promising candidates to become viable post-treatment processes for wastewater purification. In this work, a continuous flow UV light/persulfate (PS)/zero-valent iron (ZVI) system has been applied for wastewater treatment for the first time. The influence of certain photo-Fenton-like process parameters, such as space time, PS concentration, and PS to ZVI molar ratio, on the removal of total organic carbon (TOC), was examined using the Box–Behnken design. First, synthetic municipal wastewater was used for the experiments, and the polynomial regression model was constructed utilizing the real data by using the response surface methodology (RSM). The adequacy of the RSM model was assessed by analysis of variance, which showed that the model was reliable and could be applied to improve the process parameters for TOC removal. Moreover, both synthetic and real municipal wastewater were spiked with carbamazepine (CBZ), which is commonly prescribed as an antiepileptic drug, to investigate its fate in the UV/PS/ZVI system. With a space time of 60 min, PS concentration of 60 mM, and PS to ZVI molar ratio of 15, it was possible to remove 71% of TOC and completely remove CBZ from the synthetic municipal wastewater, whereas a 60% TOC removal and complete removal of CBZ were achieved at a space time of 50 min, PS concentration of 50 mM, and PS/ZVI molar ratio of 15 for the real municipal wastewater. This difference in TOC removal could possibly be linked to the complex matrix of the real wastewater and the presence of radical scavenging agents.