The utilization of used crosslinked functional polymers (CFP) applied as sorbents or ion-exchangers is a great challenge arising from the need to protect the environment. In this paper we report a very promising way of obtaining carbon/magnetic composites based on metal (Co2+; Ni2+; Fe3+) derivatives of butadiene rubber-based phosphorus-containing polymer, which were treated as the model used CFP. We proposed a facile one-step thermal degradation approach to transform used CFP into carbon/magnetic composites (CMC). The obtained CMCs contained a mixture of metal phosphates and metal phosphides that exhibited strong magnetic properties due to the presence of nanosized metal derivatives with diameters of 100-140 nm. Structural and morphological changes of CFP and CMC after thermal degradation were investigated by the FTIR technique, X-ray Diffraction analysis, Scanning Electron Microscope, and Atomic Force Microscope-Magnetic Force Microscope. Moreover, thermal degradation kinetics parameters were determined to optimize the efficiency of the process.