The present study deals with the preparation of a novel MgO-impregnated magnetic biochar (MMSB) for phosphate recovery from aqueous solution. The MMSB was evaluated against sugarcane harvest residue biochar (SB) and magnetic biochar without Mg (MSB). The results showed that increasing Mg content in MMSB greatly improved the phosphate adsorption compared to SB and MSB, with 20% Mg-impregnated MMSB (20MMSB) recovering more than 99.5% phosphate from aqueous solution. Phosphate adsorption capacity of 20MMSB was 121.25 mg P/g at pH 4 and only 37.53% of recovered phosphate was desorbed by 0.01 mol/L HCl solutions. XRD and FTIR analysis showed that phosphate sorption mechanisms involved predominately with surface electrostatic attraction and precipitation with impregnated MgO and surface inner-sphere complexation with Fe oxide. The 20MMSB exhibited both maximum phosphate sorption and strong magnetic separation ability. Overall, phosphate-loaded 20MMSB significantly enhanced plant growth and could be used as a potential substitute for phosphate-based fertilizer.