Lignocellulose is a widely used renewable energy source on the Earth that is rich in carbon skeletons. The catalytic hydrolysis of lignocellulose over magnetic solid acid is an efficient pathway for the conversion of biomass into fuels and chemicals. In this study, a bamboo-derived carbonaceous magnetic solid acid catalyst was synthesized by FeCl3 impregnation, followed by carbonization and –SO3H group functionalization. The prepared catalyst was further subjected as the solid acid catalyst for the catalytic conversion of corncob polysaccharides into reducing sugars. The results showed that the as-prepared magnetic solid acid contained –SO3H, –COOH, and polycyclic aromatic, and presented good catalytic performance for the hydrolysis of corncob in the aqueous phase. The concentration of H+ was in the range of 0.6487 to 2.3204 mmol/g. Dilute acid and alkali pretreatments of raw material can greatly improve the catalytic activity of bamboo-derived carbonaceous magnetic solid acid. Using the catalyst prepared by 0.25% H2SO4-pretreated bamboo, 6417.5 mg/L of reducing sugars corresponding to 37.17% carbohydrates conversion could be obtained under the reaction conditions of 120 °C for 30 min.