With the large-scale development of the livestock and poultry breeding industries, swine wastewater with high nitrogen and phosphorus concentrations has become an urgent problem. Given the continuous demand for phosphorus resources in industrial production, the study of phosphate recovery in phosphorus-rich wastewater is of great value for the sustainable utilization of phosphorus resources and for alleviating the eutrophication of aquatic ecosystems. In this study, a magnesium metal corrosion method was used to recover phosphorus resources from swine wastewater using carbon felt as the cathode instead of traditional cathode materials such as graphite and titanium plates. The effects of different cathode materials on the corrosion potential of magnesium metal plates were compared, and the effects of carbon felt as a cathode plate on the removal rate and pH of phosphate from wastewater were discussed. Additionally, the economic feasibility of phosphate recovery from swine wastewater was evaluated. The experimental results showed that the effect of carbon felt on the corrosion potential of the magnesium metal plate was more evident than that of the graphite and titanium plates (Ecorr = −1.74676). When carbon felt was used as the cathode plate, the most energy-saving reaction conditions were as follows: reaction time T = 30 min, ratio of wastewater volume to plate area V: S = 500 cm3:50 cm2, aeration rate Re = 8 L/min, stirring rate r = 400 rpm, phosphate recovery rate = 92.3%, and pH = 8.83. The economic feasibility assessment shows that the proposed method is $2.047 g-1 PO4-P without considering the reuse of carbon felt. Carbon felt has good stability and can be recycled eight times or more, and the proposed method achieves a more efficient phosphate recovery rate at a relatively low cost.