Phosphorus (P) removal mechanisms from waste stabilization pond effluent by a melter slag filter were investigated. The studied filter had treated pond effluent for a decade, but lost its P removal efficiency after 5 years. The P distribution in the slag was examined by scanning electron microscopy (SEM), electron dispersive spectrometry (EDS), X-ray fluorescence (XRF), X-ray diffraction (XRD), and chemical fractionation. The results showed the slag to be covered by a film comprising metal oxides/oxyhydroxides, organic resin, and Fe-phosphate precipitates. The slag porous matrix beneath this film hosted lower P concentrations and consisted of metal oxides/oxyhydroxides and calc-magnesium silicates. The study revealed the following mechanisms for P removal from effluent by the melter slag: (1) P adsorption onto metal oxides/oxyhydroxides which are ubiquitous throughout the porous slag matrix and its surface film; (2) P precipitation, mainly as Fe-phosphates (determined by SEM/EDS) on the surface film, derived from the release of metal ions into the solution phase; and (3) P sequestration by an amorphous organic resin that comprises a substantial proportion of the surface film, which was deduced by SEM/EDS and XRF. Results of chemical extractions performed on the slag demonstrated that 1 M HCl, which has been used to determine Ca-associated P in previous studies, is an unreliable Ca−P marker. By contrast, the citrate−dithionite reagent was shown to be a good indicator of Fe/Al-associated P and revealed that adsorption onto metal oxides/oxyhydroxides, in the porous matrix as well as its surface film, is the most significant P removal mechanism achieved by the slag filter.