This study investigated the adsorption performance of hydrothermal carbon derived from banana peel and modified with different concentrations of phosphoric acid solution, then used to adsorb lead ions in an aqueous solution. The surface structure and functional groups of the modified hydrothermal carbon were analyzed using XRD, SEM, FT-IR, elemental analysis, and BET. The results showed that the adsorption capacity of modified hydrothermal carbon derived from banana peel reached 40.64 mg/g at a hydrothermal temperature of 240 °C, a phosphoric acid solution of 2 mol/L, and a solid–liquid ratio of 2 g/L, with a removal efficiency of 82.74%. The adsorption process conformed to the pseudo-second-order kinetic model and the Langmuir isotherm equation. The correlation coefficient of 0.99 for fitting the adsorption process using an artificial neural network, indicating that the artificial neural network could be used to predict adsorption. The adsorption of Pb(II) from an aqueous solution by phosphoric acid-modified hydrothermal carbon was dominated by monolayer chemical adsorption, and the adsorption mechanisms included electrostatic attraction, ion exchange, surface complexation, and physical adsorption.