Red mud (RM) and spent oyster mushroom substrate (SOMS), by-products of industrial and agricultural production, can be recycled for polluted freshwater purification, bringing about a win-win situation. In this study, unacidified RM and RM acidified with oxalic acid (O-RM) and hydrochloric acid (H-RM), respectively, were mixed with SOMS to produce a porous ceramsite as a potential constructed wetlands (CWs) substrate. The results showed that the O-RM, H-RM, and RM ceramsites displayed fine compressive strengths of 7.75 ± 1.14, 8.40 ± 1.30, and 8.84 ± 0.69 MPa after calcining at 950 °C for 30 min, respectively. The phosphorus adsorption capacities of H-RM, O-RM, and RM ceramsite at a solid-liquid ratio of 25 g/L were 1.18 mg/g, 0.88 mg/g, and 1.06 mg/g, respectively. Toxicity release experiments showed that the ceramsites did not cause secondary environmental pollution, except for arsenic (ranging from 0.210 to 0.238 mg/L). The H-RM ceramsite was tested in a tidal flow-vertical flow CW (TF-VFCW) with Iris pseudacorus L. and Canna indica L plants. In the TF-VFCW, the average chemical oxygen demand (COD), ammonia nitrogen (NH4+-N), total nitrogen (TN), and total phosphorus (TP) removal rates were 81.01, 90.25, 66.90, and 77.32 %, respectively. Plant growth had less impact on COD and NH4-N removal but had greater limited TN and TP removal. Scanning electron microscopy, Fourier-transform infrared spectroscopy, and X-ray diffraction analysis confirmed that acid pretreatment and the incorporation of SOMS significantly increased the surface and interior porous structures of the ceramsite and enhanced phosphate adsorption by the polyhydroxyl aluminum-iron complex ions. Bacteroides and Campylobacter used the energy produced during polyhydroxyalkanoic acid (PHA) catabolism to absorb phosphorus. Therefore, the synergistic effect of the substrate, plants, and microorganisms achieved the removal of phosphorus from CWs and offered effective and environmentally friendly recycling of RM and SOMS.