Reductive decomposition of phosphogypsum for CaO production is proposed to proceed under a CO 2 atmosphere to avoid the presence of CaS in the product. In combination with thermodynamic analysis, thermogravimetric tests are conducted with the monitoring of gas composition to explore the reaction mechanism between C/CaSO 4 and CO 2 . Three reaction stages are identified, i.e., CaSO 4 reduction, reaction of CaS with CaSO 4 , and CaS oxidation by CO 2 . The reaction path depends on the C/CaSO 4 molar ratio and temperature. Further, phosphogypsum decomposition in CO 2 is further conducted in a fluidized bed reactor, and data show that over 96.2% of CaSO 4 in phosphogypsum is decomposed into CaO at 1000 °C and a C/CaSO 4 molar ratio of 1.0 within 83.7 min. Phosphogypsum decomposition in air or nitrogen has lower CaO production. Further, kinetic analyses of CaS oxidation with CO 2 in the presence of CaSO 4 were performed to illustrate the effect of the CaS− CaSO 4 reaction on the CaS−CO 2 reaction.