Iron and phosphorus were successfully separated from CaO-SiO2-FeO-P2O5 slag through atmospheric control, B2O3 addition and a combination of magnetic separation and flotation. For the slag with basicity (CaO/SiO2) of 2.5 and B2O3 addition of 6% (weight percentage), iron and phosphorus in the slag were enriched in the form of magnetite (Fe3O4) and calcium phosphate (Ca10P6O25) phases respectively under Ar atmosphere. Using a combination of magnetic separation and flotation, the concentrates were obtained with Fe3O4 and P2O5 content of 92.84 % and 37.66 % respectively, corresponding to the recovery ratios of 85.8 % for iron and 91.3 % for phosphorus