Soil heavy metal pollution, especially lead (Pb) and arsenic (As), is a global issue that requires urgent attention. In the present study, phosphate-modified ferric-based material (PFM) was used to remedy Pb and As co-contaminated soil. The remediation potential of PFM on Pb and As co-contaminated soil was studied by static culture experiments, and the effect on maize (Zea mays L.) seedling growth was studied using pot experiments. The results showed that the bioavailability of Pb and As in the soil and their accumulation in the seedlings were reduced when PFM was added to the soil. At 2-6 wt% PFM, the remediation rates of Pb and As reached 57%-82% and 62%-76%, respectively, and their accumulation in the seedlings decreased by 27.8%-68% and 55.6%-70%. The optimal amount of PFM was 4 wt% of the soil. There was a linear correlation between the amount of DTPA-extractable Pb or NaHCO-extractable As in the soil and the amount of Pb or As accumulated by the seedlings. The correlation coefficients of Pb and As reached 0.7690-0.8166 and 0.9982-0.9779. Seedling growth was also promoted. Compared with the controls, the seedling emergence rate increased by 1.4%-4%, plant height increased by 4.1%-12.4%, plant weight increased by 29.6%-37%, and the root length increased by 5%-52%. In summary, PFM offers an environmentally friendly approach with excellent potential for the remediation of Pb and As co-contaminated soil.