The present research focuses on the influence of phosphorus oxide additives on the structure and thermal properties of the basalt glasses, produced in the form of fibers, i.e. at very high quenching speed. Basaltic glass fibers with various P2O5 contents were produced in two stages. In the first stage, the bulk glasses were prepared by adding variable amounts of (NH4)4P2O7 to milled natural andesitic basalt in order to obtain samples containing 2, 4, and 6 wt % P2O5. In the second stage, the glass fibers were obtained using a laboratory-scale system. Basalt glass fibers were characterized by Raman spectroscopy to obtain information on the structure of the obtained fibers, and by DSC-TG and XRD analyses to determine the change in crystallization mechanism of basaltic fibers. The hydrostatic weighing was used for the determination of glasses density. An increase in the content of P2O5 to 6 wt % leads to a decrease in the density of glass fibers due to the polymerizing effect of phosphorus oxide. The obtained X-ray diffraction patterns indicate that all samples are X-ray amorphous. The Raman results show that the decrease in the intensity of the line corresponding to vibrations of the structural units Q2 (about 920 cm–1) with respect to the line corresponding to Q3 (about 1125 cm–1) is related to an increase of P2O5 content. This also indicates the increase in polymerization degree of glass structure. DSC and XRD data also found out the change of phase transformations order with an increase of phosphorus oxide. The crystallization in natural and modified basalt glass fibers begins with spontaneous spinel-like phase formations that become nucleation sites for the precipitation of monoclinic pyroxene as a major phase. With an increase in the P2O5 content, there is a tendency to a decrease in the pyroxene at higher temperature, as a result of which, the hematite crystallizes at lower temperatures. That is associated with the activation of liquation processes, accompanied by the formation of amorphous phases with different viscosities with an increase in the concentration of P2O5. In conclusion, all the obtained data indicate the prospect of using the proposed approach to obtain basalt glass fibers with enhanced thermal and mechanical stability.