In this study, the potential of planted (Tamarix tetrandra Pall. ex M.Bieb. and Robinia pseudoacacia L.) and spontaneously colonized (Amorpha fruticosa L. and Populus alba L.) woody species for the phytoremediation of potentially toxic trace elements (TEs) such as As, B, Cr, Cu, Mn, Ni, Se, and Zn, from the chronosequence fly ash (FA) deposit lagoons (L1 and L2) at the ‘Nikola Tesla A’ Thermal Power Plant (TENT-A) in Serbia were analyzed. The differences in the pseodototal and bioavailable (DTPA-extractable) concentrations and mobility (AR index) of TEs in FA at the examined lagoons are a result of the time-conditioned influence of weathering (3 and 11 years respectively) and vegetation development on changing the basic physical and chemical properties of FA (texture, pH, EC, CEC, C, N, and bioavailable P and K) and its toxicity. This resulted in differences in the concentration of TEs in the roots and leaves of the examined plants at L1 and L2. All examined species accumulated Cr the most in the root (BAF > 1 and TF < 1), which suggests that they are good stabilizers of this element. Biological indices for As (BAF > 1 and TF < 1) identified T. tetrandra and A. fruticose as good stabilizers of As. P. alba stood out as accumulating the highest levels of B, Ni, and Zn, T. tetrandra the highest levels of Cu, Mn, and Se, and R. pseudoacacia the highest levels of As and B in leaves (BAF > 1; TF > 1), which makes them good extractors of these elements from the FA at TENT-A. However, due to toxic concentrations of As, B, Se, and Zn in their leaves, they are not recommended for the phytoremediation of the investigated lagoons through the process of phytostabilization. Under conditions of elevated total Cu and Ni concentration in FA, the content of these elements in the leaves of A. fruticosa at both lagoons were within the normal range. This, in addition to a good supply of essential Zn, the stabilization of As and Cr in the roots, an increase in BAF, and a decrease in TF for B with a decrease in its mobility in ash over time, singles this invasive species out as the best candidate for the phytostabilization of TEs in FA at the TENT-A ash deposit site.