This paper provides an overview of promising technologies for phosphorus recovery from waste streams in the context of real nutrient recycling and discusses aspects regarding their wide-spread application but also limitations. Not only the technologies themselves, also the recovered materials and their valorization options are addressed. Results of the EU FP7 project P-REX titled “Sustainable sewage sludge management fostering phosphorus recovery and energy efficiency” will be discussed. Since innovation always needs an enabling environment for market penetration, barriers set by the existing legal framework and measures to resolve them will be concluded. To finally achieve a closed loop, the gap between phosphorus recovery and actual recycling has to be bridged. Finally, Goethe’s words are true more than ever: “Knowing is not enough, we must apply! Willing is not enough, we must do!”