Spintronics materials, which combine ferromagnetic with semiconductors to take advantage of not only the charge of electrons but their quantummechanical ÂspinÂ together, are promising materials. Co-Zn oxide nanoparticles as a diluted magnetic semiconductor (DMS) material is a potential spintronicmaterial and expected to play an important role in magnetic, magneto-optical, and magneto-electric fields. In this study, a self flash combustion method was used to produce Co-Zn oxide nanoparticles. Thermal analysis (TGA and DTA), X-ray diffraction, TEM, and magnetic measurements have been used for characterization of the prepared samples. The influence of the prepared Co-Zn oxide on the degradation of phenol was also studied by usingUV/VIS/NIR- spectrophotometer. Results showed that a Co-Zn oxide nanoparticle (77nm) was successfully prepared by a self flash combustion from acetate precursors at low temperature. The values of remnantmagnetic flux density (Br), saturationmagnetic flux density (Bs) and coercive force (Hc) (measured at 16oC) are 0.03262emu/g, 0.5769emu/g and 83.17Oe respectively. The degradation of phenol containing Co-Zn oxide showed that the concentration of phenol decreased gradually with time and reach to a value near zero at around 67 hours and the degradation of phenol aqueous solution followed first order rate kinetics.