In this study, following the concept of “treating waste with waste”, magnetic chitosan carbon (MCC) was developed through the pyrolysis of chitosan/iron sludge (CHS) beads created using an embedding method in a closed environment for antimony removal. The results indicate MCC has a good magnetic recovery rate and that its magnetic saturation strength can reach 33.243 emu/g. The iron proportion and acid resistance of MCC were all better than those of CHS, and at 25 °C, its adsorption saturation capacity improved from 24.956 mg/g to 38.234 mg/g. MCC has a quick adsorption equilibrium time, and in about 20 min, 90% of the final equilibrium capacity can be achieved. The primary mechanism of Sb adsorption by MCC is the formation of an inner sphere complex between Fe-O and Sb, while surface complexation, hydrogen bonding, and interaction also play a function. Thus, MCC, a lower-cost and greener adsorbent for Sb removal, has been made using iron sludge. This enabled it to utilize iron sludge as a resource and served as a reference for the sustainable management of water treatment residuals.