A new adsorbent called iron-magnesium oxide coupled lignite (CIMBC) was developed to address the challenges of recovering high concentrations of ammonia nitrogen and phosphate in livestock farm wastewater and improving the inefficient use of lignite (BC) with low calorific value. CIMBC was synthesized using the modified ferromagnesium salt double-coating method. The experiments demonstrated that FeO and MgO could be effectively loaded onto the surface of BC at a Fe/Mg molar ratio of 1:2 and pyrolysis temperature of 500 °C. The optimal conditions for adsorption were determined to be an N/P concentration ratio of 2:1, adsorbent dosage of 1 g/L, and pH of 7. The presence of coexisting cations (Ca and Mg) inhibited the removal of ammonia nitrogen but enhanced the removal of phosphate. Likewise, the presence of coexisting anions (CO and SO) hindered the removal of both ammonia nitrogen and phosphate. The adsorption behavior followed the pseudo-second-order model and the Langmuir model, with a maximum adsorption capacity of 95.69 mg N/g for ammonia nitrogen and 101.32 mg P/g for phosphate. The adsorption process was a spontaneous endothermic process controlled by multiple levels. The main mechanisms of adsorption involved electrostatic attraction, intra-particle diffusion, ion exchange, chemical precipitation, and coordination exchange. After 5 times of adsorption-desorption, the recovery rate of CIMBC is less than 50%, and the removal rate of phosphate is less than 40%. Although the RCIMBC exhibited low reusability, but also it showed potential in removing heavy metals (Pb) from wastewater and for use as a slow-release fertilizer. CIMBC is a promising new adsorbent, which can realize resource utilization of lignite with low calorific value while removing nitrogen and phosphorus.