To strengthen the properties of nanozymes, a Ag-βcyclodextrin-graphene oxide ternary nanocomposite (Ag-β-CD-GO) was developed first by a homogeneous redox-active selfassembly method. Taking advantage of the excellent environmental compatibility, high surface areas, and strong hydrogen-bonding ability of β-cyclodextrin and graphene oxide, the proposed Ag-β-CD-GO exhibited superior peroxidase-mimicking activity, high stability, and nontoxicity as well. It could accelerate the oxidation− reduction reaction of the common colorimetric substrate 3,3′,5,5′tetramethylbenzidine (TMB) and the oxidant H 2 O 2 with Michaelis constants (K m )/maximal reaction rates (V max ) of 3.respectively. Interestingly, toxic Hg 2+ could decrease the characteristic UV−vis absorbance at 653 nm of the Ag-β-CD-GO-TMB-H 2 O 2 system exclusively with an obvious color change from blue to colorless, expressing a visual hypochromic effect. Under the optimal testing conditions (pH 4.0, 180 μL of 1.5 mmol•L −1 TMB, 180 μL of 1.0 mol•L −1 H 2 O 2 , incubation for 20 min at 25 °C), the target Ag-β-CD-GO-TMB-H 2 O 2 was efficiently utilized for visual monitoring of toxic Hg 2+ in natural water, drink, and fruit juice samples with quite a low detection limit, i.e., 8.3 × 10 −10 mol• L −1 (S/N = 3), far below the 3.0 × 10 −8 mol•L −1 permitted in drinking water by the World Health Organization (WHO). The synergetic enhancement peroxidase-mimicking activity of Ag-β-CD-GO and the exclusive recognition mechanism to Hg 2+ were further investigated in detail.