The detection of hydrogen peroxide is of great importance in the environmental field. For this, a homogeneous technique has been developed here for sensitive and rapid quantification of hydrogen peroxide. In this technique, hemoglobin was used as a bioreceptor, where heme groups acted as electroactive centers to catalyze hydrogen peroxide reduction. The chemiluminescence reagent luminol is also a peroxidase substrate and can be oxidized by hemoglobin—thus generating a CL signal. The principle of the designed biosensor was based on the competition between hydrogen peroxide and luminol towards hemoglobin. Under optimized conditions, the chemiluminescent signal decreased with increasing hemoglobin concentrations within the linear range of 0.5 to 12 mM, with a correlation coefficient R² of 0.99762. The limit of detection was calculated to be as low as 0.308 mM. The selectivity of the biosensor was successfully demonstrated against different interferents. The developed strategy provides a one step, simple, and low-cost bioanalytical method which can be applied for the monitoring of other peroxidase substrates.