Elevated phosphorus (P) levels in water sources can result in eutrophication, which in turn causes environmental pollution and adversely affects aquatic ecosystems. Additionally, there is a risk of P depletion due to intensive exploitation and utilization. Therefore, the sustainable and efficient use of P, waste reduction, and P recovery from waste sources have become urgent priorities. This article aims to provide the most current assessments of the P regeneration process and its origins within waste and wastewater. This work also evaluates P recovery, as to its mechanisms, influencing factors, and performance. Moreover, the review presents comprehensive results from pilot and full-scale applications of P recovery. Further perspectives are analyzed, including economic feasibility, potential environmental impacts, research needs, and opportunities for improving P recovery.