Phosphorus (P) recovery from wastewaters as struvite (MgNH4PO4·6H2O) may be a viable alternative fertilizer-P source for agriculture. The objective of this study was to evaluate the economic and environmental implications of struvite as a fertilizer-P source for flood-irrigated rice (Oryza sativa) relative to other commonly used commercially available fertilizer-P sources. A field study was conducted in 2019 and 2020 to evaluate the effects of wastewater-recovered struvite (chemically precipitated struvite (CPST) and electrochemically precipitated struvite (ECST)) on rice yield response in a P-deficient, silt–loam soil in eastern Arkansas relative to triple superphosphate, monoammonium and diammonium phosphate, and rock phosphate. A life cycle assessment methodology was used to estimate the global warming potentials associated with rice produced with the various fertilizer-P sources. Life cycle inventory data were based on the field trials conducted with and without struvite application for both years. A partial budget analysis showed that, across both years, net revenues for ECST and CPST were 1.4 to 26.8% lower than those associated with the other fertilizer-P sources. The estimated greenhouse gas emissions varied between 0.58 and 0.70 kg CO2 eq kg rice−1 from CPST and between 0.56 and 0.81 kg CO2 eq kg rice−1 from ECST in 2019 and 2020, respectively, which were numerically similar to those for the other fertilizer-P sources in 2019 and 2020. The similar rice responses compared to commercially available fertilizer-P sources suggest that wastewater-recovered struvite materials might be an alternative fertilizer-P-source option for flood-irrigated rice production if struvite can become price-competitive to other fertilizer-P sources.