The invention discloses a vertical continuous flow phosphorus removing device and method. The vertical continuous flow phosphorus removing device comprises a sedimentation tank, a reactor and an adjustable aeration device. The sedimentation tank comprises a water outlet, a sludge and water collecting vessel, a sludge outlet and a sludge particle return hole. The reactor comprises an overflow weir, a flow guide pipe, a sampling hole, a returned sludge inlet and a water inlet. The adjustable aeration device comprises a supporting frame unit, an annular baffle and an aeration ring. The method comprises the steps of firstly, enabling urban sewage to enter an anaerobic region in the reactor through the water inlet, forming intercellular polymers (pha, phb and phv) from an organic carbon source in the sewage by using polyphosphate accumulating bacteria, and meanwhile, absorbing orthophosphate in a water body by cells; then, enabling the sewage to enter an aerobic region, decomposing the intercellular polymers in the polyphosphate accumulating bacteria to generate energy, and meanwhile absorbing the orthophosphate in the water body by the cells to form intercellular orthophosphate; and next, carrying out sludge and water separation in the sedimentation tank, discharging a supernatant solution from the water outlet, returning part of the sludge to the reactor, and discharging the other part of sludge serving as residual sludge. In order to overcome defects of an existing biological phosphorus removing process and device, the invention provides the novel phosphorus removing device and method which are small in floor area, high in phosphorus moving load, good in phosphorus removing effect, low in sludge discharge amount, low in carbon content, environmentally-friendly and economic.