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GQDs/Bi24O31Br10 S-scheme heterojunction composite was successfully constructed via a hydrothermal method and systematically evaluated its bifunctional performance in photocatalytic antibiotic (TC) degradation and hydrogen peroxide (H2O2) production. Results demonstrate that the optimized composite exhibits excellent activity in both reactions, it achieved a tetracycline degradation rate of 88.5% within 20 min, and H2O2 production yield of 104.53 μM within the same time, which is 4.2 times that of pure Bi24O31Br10. Mechanism studies reveal that the superoxide radical serves as a key reactive species, acting as both a crucial intermediate for H2O2 synthesis and the dominant active species for TC degradation. The built-in electric field at S-scheme heterojunction interface enables efficient spatial separation of photogenerated carriers, highly reductive electrons accumulate on graphene quantum dots (GQDs) to promote the two-step single-electron reduction of O2 for H2O2 generation, while strongly oxidative holes remain on Bi24O31Br10 to maintain degradation capability. This work not only develops an efficient and stable bifunctional photocatalyst but also elucidates, at the microscopic scale, the S-scheme heterojunction synergistically drives different reactions through precise regulation of charge transfer pathways, providing a theoretical foundation and practical guidance for designing novel photocatalytic systems for environmental remediation and green synthesis.