Display omitted •Methane production were improved with addition of biochar, magnetic biochar and Fe3O4.•The cumulative methane yield was increased by 60.47% with 5 g/kg of Fe3O4.•The direct interspecies electron transfer (DIET) was enhanced by Fe3O4.•The strategy of recycling Fe3O4 additive has the best economic benefit. The co-digestion of corn straw and sewage sludge with different additives (biochar, magnetic biochar, Fe3O4) were investigated. The highest cumulative methane yield of 245.15 mL/g VSadded was obtained with the Fe3O4 addition ratio of 5 g/kg, which was 60.47% higher than that of the control run (without additives). The lag phase time was shortened from 5.46 to 3.82 days with a biochar dosage of 5 g/kg. The performance of Fe3O4 on methane production from the co-digestion process was better than that of the biochar and magnetic biochar. The direct interspecies electron transfer (DIET) was enhanced with regard to the increased concentration of acetic acid and decreased concentration of propionic acid. Microbial community analysis showed that the Geobacter and Methanosarcina were selectively enriched on the surface of Fe3O4, promoting the DIET and acetoclastic methanogenesis pathway. The cost-benefit analysis proved that the strategy of recycling Fe3O4 additive has the best economic benefit.