This study aimed to clarify the effect of phosphorus fertilizer on the senescence and yield of Tartary buckwheat under low-nitrogen treatment. A two-year field experiment to investigate the characteristics was conducted on Tartary buckwheat (Qianku 5) under four phosphorus fertilizer application rates, 0(CK), 40(LP), 80(MP), and 120 kg·ha−1 (HP), in the absence of nitrogen treatment. Compared with CK, MP treatment increased the plant height, node number of main stem, branch number of main stem, root-morphology items, root activity, enzyme activity related to root nitrogen metabolism, leaf chlorophyll content, and antioxidant enzyme activity by an average of 27.82%, 36.00%, 31.76%, 70.63%, 103.16%, 45.63%, 19.42%, and 45.48%, respectively. MP treatment significantly decreased the malondialdehyde content by 23.54% compared with that of CK. Among all treatments, the HP treatment had the highest content. The grain number per plant, grain weight per plant, and yield under MP treatment were 1.54, 1.65, and 1.53 times those of CK, respectively. In summary, the appropriate phosphate fertilizer treatment (80 kg·ha−1) can delay senescence, promote the growth, and increase the yield of Tartary buckwheat at low nitrogen levels. Such treatment is recommended for use in production to jointly achieve the high yield and high nitrogen conservation of Tartary buckwheat.