Whilst the total phosphorus (P) content in soil is considered to be abundant, the portion available for plant uptake constitutes less than 1% of the overall P present. To enhance crop productivity, the utilization of mineral P fertilizers has become pervasive in agriculture. Nonetheless, the escalating prices of chemical fertilizers, coupled with new European regulations prohibiting the use of P fertilizers containing Cd, have highlighted the urgency to identify environmentally friendly products and practices for P fertilization in agricultural soil. This comprehensive review delves into the current landscape of P fertilization from agricultural, political, and economic standpoints. We recognize the potential of microbes in mobilizing P, but emphasize the necessity for more robust research to establish their effectiveness in promoting plant P uptake under real-world conditions. Additionally, we explore the role of agricultural conservation practices—such as optimal tillage, diversified cropping systems, and increased organic carbon input—to conserve P. Furthermore, this review contemplates forthcoming innovations in research. These innovations encompass the retrieval of materials such as rare earth elements, the development of enhanced formulations for biofertilizers, and the undertaking of more comprehensive studies within the realm of conservation agriculture. All these endeavors collectively hold the potential to augment P accessibility to plants in a sustainable manner, thereby advancing agricultural sustainability and productivity.