Solutions to simultaneously meet crop phosphorus (P) demand and reduce P loss from agricultural systems are required to improve the sustainability of our production. Our objective was to determine the effect of cover crop addition [with cover crop (CC), and without cover crop (NC)] and P fertilizer management [zero P control (CN), fall broadcast (FB), and spring injected (SI)] on P cycling, agronomic P use efficiency (PUE), and environmental P use efficiency (EPUE), measured as the percent of P lost in runoff water, in a no‐till corn (Zea mays)–soybean [Glycine max (L.) Merr.] rotation. The experiment was a 2×3 factorial. Both FB and SI increased P cycling through the main crop and cover crop tissue, compared to the CN. Cover crop did not affect main crop P uptake, removal in grain, or return to soil in crop residue, but CC treatment increased total P uptake and return in the system. Cover crop effects on P uptake, removal, and return were the same regardless of P fertilization treatments. Phosphorus fertilizer and CC treatments did not affect PUE. Both FB and SI P fertilizer management decreased EPUE, although SI tended to decrease EPUE less than FB. Cover crop significantly improved EPUE only in 2019, when CC reduced erosion losses. Therefore, cover crops were not consistently beneficial for reducing environmental effects of P fertilization, and their use cannot replace the importance of sound P fertilizer stewardship, including sub‐surface P placement. However, cover crops play an important role in improving EPUE in years with high erosion loss potential.This article is protected by copyright. All rights reserved