Phosphorus (P), an essential structural and functional component of all living organisms, is considered to be the ultimate limiting nutrient in marine ecosystems. To optimize its acquisition, marine species such as protozoa, sponges, foraminifera, clams, and reef corals, among others, have entered symbiotic relationships with algae, which recycle waste products of the animal host and transform dissolved inorganic nutrients into organic molecules, making them bioavailable to their host. Such associations provide a competitive edge in an environment where ambient nutrient availability is low. The aim of this review is to summarize the current knowledge on the P sources available to reef organisms with algal symbionts, to discuss the means by which P is taken up and stored within the symbiosis, and to assess the effects of eutrophication‐induced phosphate enrichment on the algal and host physiology. Finally, we give an overview of knowledge gaps and open questions that should be addressed to better understand the role of phosphorus in reef symbioses functioning.