The unique properties of ionic liquids make them suitable candidates to prepare nanoscale materials. A simple method that uses exclusively a corresponding bulk material and an ionic liquid—in this case, [P6,6,6,14]Cl—was used to prepare AgCl nanoparticles and AgCl@Fe3O4 or TiO2@Fe3O4 magnetic nanocomposites. The prepared nanomaterials were characterized by X-ray powder diffraction, scanning electron microscopy, transmission electron microscopy, ultraviolet–visible spectroscopy, and X-ray photoelectron spectroscopy. The photodegradation of atenolol as a model pharmaceutical pollutant in wastewater was investigated under ultraviolet–visible light irradiation using the different synthesized nanocatalysts. In the presence of 0.75 g·L−1 AgCl nanoparticles, a practically complete degradation of 10 ppm of atenolol was obtained after 30 min, following pseudo-first-order reaction kinetics. The effect of different variables (concentrations, pH, oxidant agents, etc.) was analyzed. The recyclability of the nanocatalyst was tested and found to be successful. A degradation mechanism was also proposed. In order to improve the recovery stage of the nanocatalyst, the use of magnetic nanocomposites is proposed. Under the same experimental conditions, a slightly lower and slower degradation was achieved with an easier separation. The main conclusions of the paper are the suitability of the use of ionic liquids to prepare different nanocatalysts and the effectiveness of these at degrading an emerging pollutant in wastewater treatment.