The use of filter media to adsorb phosphorus (P) from nutrient-rich waters is an effective, simple and low-cost method to recover and reuse P as an inorganic fertiliser replacement. Although it is assumed that the saturated filter media can be applied to cropland as a safe fertiliser replacement, there is presently a lack of information on the fertiliser replacement value (FRV) of such products and their negative effects on plants and soil. Therefore, the aims of this paper were to evaluate the (1) P removal capacity and plant response to soil application of waste media from three sectors (industry, agriculture, and construction and demolition), and natural and synthetic materials (2) potentially confounding risks arising from the reuse of media as a fertiliser replacement, and (3) factors affecting their fertilising efficiency once applied to soil. The predominant factors affecting the FRV of P-saturated media were their adsorption capacity and chemical composition, soil pH, and composition of water used for saturation. Some measures to overcome the negative impacts of the land application of P-saturated media include selecting the most appropriate soil-filter material combinations, the use of P solubilising microorganisms, and mixing with manure before land application. Despite confounding factors and a lack of information on the performance of some media under comparable study conditions, this study found that there is a significant potential for P-saturated filter media to partially replace the use of P mineral fertilisers and aid in the attainment of a circular economy in agriculture.