The increase in P availability to rice under flooded soil conditions involves the reductive dissolution of iron phosphate and iron (hydr)oxide phosphate. However, since $NO_3^-$ is a more favourable electron acceptor in anaerobic soils than Fe, high$NO_3^-$ loads function as a redox buffer limiting the reduction of Fe. The effect of adding $NO_3^-$ on Fe reduction and P release in paddy soil was investigated. Pot experiment was conducted where $NO_3^-$ was added to flooded soil and changes of redox potential and $Fe_2^+$, $NO_3^-$ and $PO_4^{3-}$ concentrations in soil solution at 10 cm depth were monitored as a function of time. Redox potential decreased with time to -96 mV, but it was temporarily poised at about 330${sim}$360 mV when $NO_3^-$ was present. Nitrate addition to soil led to reduced release of $Fe_2^+$ and prevented the solubilization of P. Phosphate in pore water began to rise soon after incubation and reached final concentrations about 0.82 mg P/L in the soil without $NO_3^-$ addition. But, in the soil with $NO_3^-$ addition, $PO_4^{3-}$ in pore water was maintained in the range of 0.2${sim}$0.3 mg P/L. The duration of inhibition in $Fe_2^+$ release was closely related to the presence of $NO_3^-$, and the timing of $PO_4^{3-}$ release was inversely related to the $NO_3^-$ concentration in soil solution. The results suggest that preferential use of $NO_3^-$ as an electron acceptor in anaerobic soil condition can strongly limit Fe reduction and P solubilization.