Ascorbic acid 2-phosphate is prepared by reacting ascorbic acid or an ascorbic acid derivative with POCl.sub.3 in the presence of a tertiary amine in a suitable aqueous solvent at from -10.degree. to 25.degree. C. while maintaining a pH of about 8-13.5 with KOH during the entire phosphorylation reaction and then isolating the ascorbic acid 2-phosphate, by a process in which an aqueous solution of a magnesium compound is added to the reaction mixture obtained in the phosphorylation, without prior treatment with an ion exchanger, until the formation of crystalline KMg PO.sub.4 is complete, the KMgPO.sub.4 which is crystallized out is separated off, the resulting filtrate is evaporated down at a pH of from 6 to 11 and/or from 0.1 to 5 times the amount, based on the evaporated filtrate, of a lower primary alkanol or acetone is added and the stirred mixture is cooled until KCl has completely crystallized out, and the ascorbic acid phosphate is isolated in a conventional manner from the reaction solution obtained by separating off KCl and substantially freed from inorganic salts. It is particularly advantageous if the ascorbic acid 2-phosphate is isolated in the form of the novel potassium magnesium ascorbate 2-phosphate, which is also claimed.The process is particularly advantageous if the ascorbic acid derivative used is 5,6-isopropylideneascorbic acid which has been obtained by reacting ascorbic acid with acetone in the presence of oleum. The process is particularly important for the preparation of L-ascorbic acid 2-phosphate.