In this work, magnesium ferrite (MgFeO)/biochar magnetic composites (MFB-MCs) were prepared and utilized to remove phosphate from aqueous solutions. MFB-MCs were synthesized via co-precipitation of Fe and Mg ions onto a precursor, followed by pyrolysis. Characterization results confirmed that MgFeO nanoparticles with a cubic spinel structure were successfully embedded in the biochar matrix, and this offered magnetic separability with superparamagnetic behavior and enabled higher phosphate adsorption performance than that of pristine biochar and sole MgFeO nanoparticles. Batch experiments indicated that phosphate adsorption on the MFB-MCs is highly dependent on the pH, initial phosphate concentration, and temperature, while it was less affected by ionic strength. Analysis of activation and thermodynamic parameters as well as the isosteric heat of adsorption demonstrated that the phosphate adsorption is an endothermic and physisorption process. Lastly, highly efficient recyclability of the MFB-MCs suggested that they are a promising adsorbent for phosphate removal from wastewater.