The invention provides a recovery method of a waste lithium iron phosphate positive electrode material. The method comprises the following steps: S1, adding waste lithium iron phosphate powder to a leaching agent A, slowly adding a leaching agent B, adjusting the pH value to be more than or equal to 2, and carrying out solid-liquid separation to obtain a lithium-containing leaching agent and a leaching residue; S2, adding a precipitator into the lithium-containing leachate to obtain lithium carbonate; S3, adding a first alkaline solution into the leaching residues, and filtering to obtain an aluminum-containing solution and filter residues; S4, adjusting the pH value of the aluminum-containing solution to obtain an aluminum hydroxide precipitate; S5, adding the filter residue into a firstacidic solution, performing filtering, adding a second alkaline solution into the obtained filtrate, adjusting the pH value to 2.0-2.7 to obtain basic iron phosphate, and adding phosphoric acid to obtain iron phosphate. The leaching agent A comprises a mixed solution of at least one of a weak base solution or a weak acid solution and a first oxidizing agent; and the leaching agent B comprises a mixed solution of a second acidic solution and a second oxidant. By the adoption of the method, the leaching rate of lithium is high, impurities are few, the purification and wastewater treatment cost during lithium carbonate preparation is reduced, and meanwhile iron phosphate can be efficiently recycled.