Abstract Phosphorus (P) is a non-renewable resource, and its recovery and recycling are necessary for meeting future P demands and environmental conservation. Ash and hydrochar from incineration and hydrothermal liquefaction (HTL) of municipal sludge, respectively, represent promising sources for efficient P recovery. The full-scale application of wet-chemical techniques has proven their technical feasibility for P recovery from sludge-derived ash. HTL for sludge treatment has received significant attention for producing biocrude with net-positive energy recovery. P recovery from the solid by-product of sludge HTL, hydrochar, is a critical step in holistic sustainable sludge management. This review aims to guide P recovery from sludge-derived ash and hydrochar by presenting recent advances in wet-chemical extraction and precipitation. By comparing their characteristics, ash and hydrochar derived from municipal sludge exhibit similar feasibilities and challenges for P recovery. Extraction is recognized as the critical step for P recovery. The advantages and disadvantages of various P extraction approaches are provided. Acidic extraction achieves high efficiency (up to 100%) but requires removal of co-extracted heavy metals. Alkaline extraction prevents metals contamination but shows low efficiency (