Searching for a renewable phosphorus (P) source for agricultural soils has become a challenge of particular importance on a global scale. Depletion of the world’s phosphate resources as well as the risk of environmental problems caused by excessive P mobility have placed this topic among the most important environmental issues. The aim of this study was to analyse the transformation of phosphorus forms in municipal solid waste compost (MSWC) at different maturity stages, to assess the effects of their application on soil phosphorus status and to evaluate the suitability of MSWC for agricultural soils as a potential phosphorus source. The application of MSWC to the soil had a positive effect on the content of available P. The content of potentially mobile P forms increased significantly in the soil, primarily after the introduction of immature MSWC and confirmed by the significant correlations with the applied P indicators. However, the results indicate that the MSWC does not pose a serious environmental risk and could become a potential source of P in the soil, although the material used for this purpose should be mature. This study also indicated that the assessment of using compost as a P source should not be based on P total content alone, but should include the content of different P forms and specific P-related indicators, to reflect both the P availability and the potential environmental risks.