In this paper, we have successfully prepared porous magnetic biochar with excellent surface area and recovery rate using corn stalks (CS) and waste iron (WI) as precursors. Notably, in order to prevent the incorporated iron oxides from blocking the carbon pores, then resulting in a decrease in specific surface area and reducing the removal efficiency of the material, the optimum range of iron ions can be determined to be 0.04-0.06 mol/L according to the effect of the amount of iron on the magnetic biochar recovery rate and Pb removal capacity. Furthermore, as-synthesized artificial humic acid (A-HA) obtained from waste biomass by hydrothermal humification (HTH) technology has abundant functional groups, which can complex with heavy metals and metal oxides. Therefore, A-HA is introduced as an activator to produce novel porous magnetic biochar materials (AHA/FeO-γFeO@PBC) with abundant functional groups (i.e., phenolic-OH, -COOH, etc.), providing high dispersibility and stability, further leading to excellent removal performance (Langmuir removal capacity up to 99.82 mg/g) and recyclable performance (removal capacity after 5 removal cycles is 79.04 mg/g). Multiple removal mechanisms have been revealed, including reduction, complexation, and precipitation.