Phytic acid (PA) prevents the absorption of minerals in the human intestine, and it is regarded as an antinutrient. Low PA rice is beneficial because of its higher Zn bioavailability and it is suggested that the gene expression level of myo-inositol 3-phosphate synthase 1 (INO1) in developing grain is a key factor to explain the genotypic difference in PA accumulation among natural variants of rice. P fertilization is also considered to affect the PA content, but it is not clear how it affects INO1 gene expression and the PA content in different genotypes. Here, we investigated the effect of P fertilization on the PA content in two contrasting rice genotypes, with low and high PA accumulation, respectively. Based on the results of the analysis of the PA content, inorganic P content, INO1 gene expression, and xylem sap inorganic P content, we concluded that the effect of P fertilization on PA accumulation in grain differed with the genotype, and it was regulated by multiple mechanisms.