PROBLEM TO BE SOLVED: To provide a recovery method for iron and phosphorus from steel slag that can effectively and individually utilize the phosphorus and the iron recovered as resources while recovering the phosphorus and the iron from the steel slag at low costs when the steel slag containing the phosphorus such as dephosphorized slag is recycled.SOLUTION: A recovery method for iron and phosphorus from steel slag includes: a first step of causing phosphorus-containing steel slag to be subjected to a reduction treatment by using reducing agents such as carbon, Si and Al and reducing and recovering iron oxide and phosphorus oxide in the slag as phosphorus-containing molten iron; a second step of using the steel slag from which the iron oxide and the phosphorus oxide are removed as a CaO source in a sintering step and recycling sintered ore manufactured in a blast furnace; a third step of causing the phosphorus-containing molten iron recovered by the reduction treatment to be subjected to a dephosphorizing treatment until the phosphorus concentration in the phosphorus-containing molten iron becomes 0.1 mass% or less and condensing phosphorus in CaO-based flux; and a fourth step of mixing the phosphorus-containing molten iron having the phosphorus concentration of 0.1 mass% or less as an iron source with blast furnace molten iron.