Magneto-optic effect is a fundamental but broad concept in magnetic mediums. Here we propose an arresting scheme for its quantum emulation using ultracold atoms. By representing the light-medium interaction in the quantum emulation manner, the artificial magneto-optic effect emerges under an entirely different mechanism from a conventional picture. The underlying polarization state extracted in the synthetic dimension displays a different response to various experimental setups. Notably, the magneto-optic rotation is related to the bulk topology in synthetic dimensions, and thus provides an unambiguous evidence for the desired topological magneto-optic effect, which has not been developed hitherto in ultracold atoms. This scheme is simple and feasible based on current experimental techniques. Implementation of the scheme is able to offer an intriguing platform for exploring topological magneto-optic effects and associated physics.