In a pot experiment, we studied the effect of nitrification inhibition on Fe reduction and P release in paddy soil and growth and nutrient uptake of rice plant. Recommended level of fertilizers, 6 kg N, 5 kg $P_2O_5$ and 4 kg $K_2O$ per 10a, were applied, and for N fertilizer urea, urea+N-serve, and $KNO_3$ were included. Four 30-day-old seedlings were transplanted in a waterlogged 9 L pot filled with Yuga series soil, and 3 pots were prepared in each N fertilizer treatment. Changes of soil redox potential and concentration of ${NH_4}^-$, ${NO_3}^-$, $Fe^{2+}$ and ${PO_4}^{3-}$ in soil solution at 10 cm depth were monitored, and also the growth and nutrient uptake of rice plants were measured. Concentration of ${NH_4}^+$ in soil solution was highest in urea+N-serve treatment, and followed by urea and $KNO_3$ treatments. Addition of N-serve could effectively inhibit nitrification in the soil. In the treatment of $KNO_3$, relatively higher ${NO_3}^-$ concentration was found at 10 cm depth soil. In urea+N-serve treatment redox potential was lower than -100 mV during the experiment, but in the treatment of $KNO_3$ the potential was maintained above 0 mV until ${NO_3}^-$ remaining in soil solution. Reduction of Fe(III) and solubilization of P were highly correlated with redox potential changes in the three N fertilizer treatments. Concentrations of Fe(II) and ${PO_4}^{3-}$ in soil solution at 10 cm depth were much higher in the urea+N-serve treatment. The most vigorous rice seedling growth was found in the urea treatment. Although the availability of N and P in soil was enhanced in the urea+N-serve treatment through the suppression of nitrification, excessive solubilization of Fe could limit the growth of rice plants.