This paper reports the characterization of four meat and bone meal (MBM) ashes obtained from specific incineration (laboratory) and from co-incineration (industrial process). Three out of the four MBM ashes were mainly composed of calcium phosphates (hydroxyapatite and whitlockite). Their compositions (major and trace) were in the range for natural phosphate rocks. Trace element contents, including heavy metals, were below 0.6% and industrial ashes contained much more heavy metals than laboratory ash. The amounts of leached elements were low, especially for laboratory ash. According to the European classification of waste to be landfilled, the laboratory ash can be classified as an inert waste. Two industrial ashes are mostly inert. Only one ash is highly leachable and needs a stabilization treatment to be classified at least in the category of hazardous waste. It seems, from these results, that possibilities other than landfilling could be considered to give economic value to these ashes.