In order to treat phosphorus-containing wastewater and realize the resource utilization of wetland plant residues, biochar was prepared by the pyrolysis of canna aquatic plant waste at 700 °C, and the adsorption characteristics of phosphorus by MgO-modified biochar (MBC) were explored. The main results are as follows: the adsorption capacity of the MBC was eight times that of unmodified biochar (BC), and the adsorption capacity was up to 244 mg/g. The isothermal adsorption data were consistent with the Langmuir equation, which indicates monolayer adsorption. The functional groups changed little before and after the modification, but a new diffraction peak appeared after the modification. Compared with the standard card, it was suggested that there were MgO crystals with a higher purity. SEM images showed that the BC had a smooth surface, an obvious pore structure, and a thin pore wall, while the MBC had a rough surface and a layered structure, which can provide more adsorption sites for phosphate adsorption. In addition, an XPS analysis showed that Mg3(PO4)2 crystals appeared on the surface of the MBC after adsorption. The mechanism analysis showed that MgO is an important substance for MBC to adsorb phosphorus, and electrostatic adsorption and complex precipitation play key roles. In the test to verify the removal of actual phosphorus-containing wastewater by MBC, it was found that the removal rates for wastewater with 2.06 mg/L and 199.8 mg/L of phosphorus by MBC were as high as 93.4–93.9% and 99.2–99.3%, respectively. MBC can be used as an efficient adsorbent for phosphorus removal.