The excessive application of phosphorus in agricultural lands leads to serious environmental issues. Efficient application is beneficial from an economic and environmental perspectives. Biochar can be used as a carrier for slow release of phosphate. However, its adsorption capacity is limited. In this work, biochar was prepared at different pyrolysis temperatures (350–550 °C). The biochar prepared at 550 °C had the highest adsorption capacity and was selected for modification by magnesium impregnation. Magnesium modification enhanced the adsorption capacity by 34% to a theoretical max adsorption capacity of 463.5 mg·g−1. The adsorbed phosphate can be desorbed. The desorption was bi-phasic with fast- and slow-release fractions. The distribution of the phosphate fractions was pH dependent with slow release being most prominent in neutral conditions. Mg modified biochar can be used to recover phosphate and then used as a carrier for slow release of phosphate. The bi-phasic desorption behaviour is useful as the fast release fraction can provide the immediate phosphate needed during plant establishment, while the slow-release fraction maintains steady supply over extended periods.