The invention discloses a current-limiting variable phosphate-removing reactor and a method for removing phosphate in waste water. A reactor body comprises a water inlet zone, a variable reaction zone and a settling zone respectively from down to up, a slag removal opening and a sludge bucket are arranged at the lower part of the water inlet zone, an inlet pipe, an aeration pipe and a drug inlet pipe are arranged in the water inlet zone, a control flange, a support separation net, a sludge removal port, and a backflow port are arranged in the variable reaction zone; and an overflow port, an outlet pipe and a back flow pipe are arranged in the settling zone. The method combines flocculation, adsorption, filtering, crystallization for phosphate removing, and combines phosphate removing and phosphate storage; the functions of each unit is complementary, the structure is compact, the land occupation area is little; the reaction zone is adjustable, the operation is flexible; the biological sludge is taken as a medium, waste can be used for treating waste, and the method has large reutilization potential.