Magnesium-functionalized Magnolia grandiflora Linn leaf-derived biochar (MBC) capable of efficiently reclaiming phosphorus from urine was synthesized by slow co-pyrolysis. Four adsorption kinetic and seven adsorption isotherm models were fitted to the batch adsorption and desorption experimental data, and it was found that pseudo-first-order kinetic model and multilayer model with saturation best described the phosphate-phosphorus (PO43–P) adsorption process by MBC. MBC and phosphorus-saturated MBC (P-MBC) were found to offer outstanding phosphorus adsorption and slow release properties, respectively. Based on material characterization, statistical physics, adsorption energy distribution and statistical thermodynamics, a multi-ionic, inclined orientation, entropy-driven spontaneous endothermic process of MBC on PO43–P was proposed, involving physicochemical interactions (porous filling, electrostatic attraction, ligand exchange and surface precipitation). Further, seed germination and early seedling growth experiments proved that P-MBC can be used as a slow-release fertilizer. Overall, MBC offers prospective applications as an efficient phosphorus adsorbent and then as a slow-release fertilizer.