Agricultural soils play a key role in the achievement of a circular nutrient economy. The use of sewage sludges as fertilizers is important for such an achievement, assisting in the maintenance of soil health and nutritional crop value. This study was established, after 23 years of a fertilization experiment, in calcareous soil under a maize monoculture. The treatments included mineral fertilization as a control (MIN, 225 kg N ha−1) and two sludge treatments, where doses followed a threshold sludge nitrogen criterion (SNC, 170 kg org-N ha−1) or a threshold soil phosphorus criterion (SPC; when the soil Olsen-P value exceeded 40–60 kg P ha−1, the sludge application was stopped). A detailed study was performed on Cd, Cu, F, Mn, Pb, and Zn soil extractable with diethylenetriaminepentaacetic acid (DTPA), as well as the nutrient and heavy metal concentration of different fractions of the maize plant (grain, cob, and the rest of the plant). Extractions were also quantified. No biomass-yield differences were observed in the different parts of the maize plant in the year of sampling. Sludges increased the soil DTPA extraction of Cd, Cu, Fe, and Zn and diminished Mn extraction, without differences in extractable Pb. The SNC, when compared with MIN, showed increased P cob concentrations, and in grain, it showed increased Fe, Cr, and Co concentrations. The SPC figures of the studied parameters were, in general, between both treatments (MIN and SNC), although Cr extractions in grain diminished vs. SNC. Based on the results, the SPC can be recommended as it also avoids excessive available-P build up.