Nanoscale zero‐valent iron (nZVI) loaded on tea residue biochar activated with phosphoric acid composites was synthesized. This adsorbent can efficiently adsorb multiple heavy metal ions such as Pb (II), Cr (III), Cu (II), and Ni (II) simultaneously. The adsorption process was found to follow the pseudo‐second‐order kinetic model. Equilibrium adsorption capacities reached 288.18, 162.34, 242.72, and 267.22 mg·g−1 for Pb(II), Cr(III), Cu(II), and Ni(II), respectively. The common interfering ions exhibited lower influence on its adsorption capacity. The adsorption mechanism includes reduction, ion exchange, surface complexation and precipitation. Furthermore, the waste adsorbent was converted into a catalyst in situ, which could catalyze the degradation of Congo red by establishing an electron transfer pathway. This research provides a new concept for the sustainable utilization of industrial tea residues and the harmless treatment of waste nZVI composite adsorbents.