Magnetic zirconium-iron oxide/palygorskite (MZIO/PG) as a low-cost adsorbent were produced by facile one-step co-precipitation technique and its properties for phosphorus adsorption were investigated by batch adsorption experiments. The adsorption kinetics characteristics and thermodynamic parameters were analyzed with a discussion on the adsorption mechanism. The results indicated that MZIO/PG composite adsorbent almost completely maintained the surface properties and structure of iron zirconium oxide, and the adsorption capacity of phosphorus can reach more than 90% of that of iron zirconium oxide. The adsorption kinetic data followed the pseudo-second-order model and Langmuir equation, Freundlich equation and D-R equation could all describe the adsorption equilibrium. The monolayer saturated adsorption capacity was 36.63 mg/g and the average adsorption energy is 19.4 kJ/mol. The increase in pH value impeded the adsorption and the ion strength has little effect on the adsorption. The adsorption had good selectivity and the adsorbent was easy to regenerate and effectively reused. The adsorption mechanism analysis found that ion exchange occurred between the surface hydroxyl of the adsorbent and phosphate groups, forming inner-sphere complexes.