The corrosion inhibition mechanism of soluble phosphates on steel reinforcement embedded in mortar fabricated with ordinary Portland cement (OPC) are reviewed. This review focuses soluble phosphate compounds, sodium monofluorophosphate (Na2PO3F) (MFP), disodium hydrogen phosphate (Na2HPO4) (DHP) and trisodium phosphate (Na3PO4) (TSP), embedded in mortar. Phosphate corrosion inhibitors have been deployed in two different ways, as migrating corrosion inhibitors (MCI), or as admixed corrosion inhibitors (ACI). The chemical stability of phosphate corrosion inhibitors depends on the pH of the solution, H2PO4− ions being stable in the pH range of 3–6, the HPO42− in the pH range of 8–12, while the PO43− ions are stable above pH 12. The formation of iron phosphate compounds is a thermodynamically favored spontaneous reaction. Phosphate ions promote ferrous phosphate precipitation due to the higher solubility of ferric phosphate, thus producing a protective barrier layer that hinders corrosion. Therefore, the MFP as well as the DHP and TSP compounds are considered anodic corrosion inhibitors. Both types of application (MCI and ACI) of phosphate corrosion inhibitors found MFP to present the higher inhibition efficiency in the following order MFP > DHP > TSP.