Biochar has gained great scientific attention as a promising agent for agricultural and environmental applications. A variety of biochars with excellent properties such as high porosity, surface area and functional groups have been developed for nutrients recovery from wastewater. Compared to pristine biochar, engineered biochar with enlarged surface area and abundant functional groups has been prepared which shows a new type of carbon-based material with enhanced adsorption potential for nutrients in wastewater. To date, a few reviews have been specifically focused on several important aspects of engineered biochar, such as its application to recover phosphate and ammonium from wastewater and subsequent use as a slow-release fertilizer. In this work, novel modification/treatment methods including activation with acid/alkali, functionalization with amides, thiols and oxidizing agents, metal salt impregnation, loading with various minerals and carbon-based materials are reviewed for preparing engineered biochar with improved adsorption capacity. Various sources of biomass for producing biochars were estimated, and the intrinsic characteristics and potential of biochar products for simultaneous recovery/removal of phosphate and ammonium from wastewater were evaluated. Relevant interaction mechanisms of phosphate and ammonium adsorption on engineered biochars have been discussed in details. Finally, important future prospects as well as industrial/commercial-scale application of engineered biochars for phosphate and ammonium recovery from wastewater have been emphasized. We believe that this review will provide broad scientific opportunities for thorough understanding of applying engineered biochar as a low-cost and environmentally sustainable material for nutrients recovery from wastewater.