Phosphorus (P) which is required by all living plants and animals is an important input for economic crop and livestock production systems. Phosphorus containing compounds are essential for photosynthesis in plants, for energy transformations and for the activity of some hormones in both plants and animals. Loss of soil P to water can occur in particulate forms of P with eroded surface soil and in soluble forms in runoff, soil interflow, and deep leaching. The excessive losses of P from agricultural systems can degrade water quality of surface waters, resulting in accelerating eutrophication. Thus, P is often the limiting element and its control is of prime importance in reducing the accelerated eutrophication of surface waters. However, reserves of phosphate begin to run out, the impacts are likely be immense in terms of rising food prices, growing food insecurity. This paper reviews underappreciated resource as a key component of fertilizers and one of controversial pollutant in terms agronomy and environment.