Plant productivity in many tropical savannas is phosphorus limited. The biogeochemical cycling of P in these ecosystems, however, has not been well quantified. In the present study, we characterized P stocks and fluxes in a well-preserved small watershed in the Brazilian Cerrado. As the Cerrado is also a firedominated ecosystem, we measured the P stocks and fluxes in a cerrado stricto sensu plot with complete exclusion of fire for 26 years (unburned plot) and then tested some predictions about the impacts of fire impacts on P cycling in an experimental plot that was burned three times since 1992 (burned plot). The unburned area is an ecosystem with large soil stocks of total P (1,151 kg ha -1 up to 50 cm depth), but the largest fraction is in an occluded form. Readily extractable P was found up to 3 m soil depth suggesting that deep soil is more important to the P cycle than has been recognized. The P stock in belowground biomass (0-800 cm) was 9.9 kg ha -1 . Decomposition of fine litter released 0.97 kg P ha -1 year -1 . Fluxes of P through bulk atmospheric deposition, throughfall and litter leachate were very low (0.008, 0.006 and 0.028 kg ha -1 year -1 , respectively) as was stream export (0.001 kg ha -1 year -1 ). Immobilization of P by microbes during the rainy season seems to be an important mechanism of P conservation in this ecosystem. Fire significantly increased P flux in litter leachate to 0.11 kg ha -1 year -1 , and added 1.2 kg ha -1 of P in ash deposition after fire. We found an increase of P concentration in soil solution at 100 cm depth (from 0.03 lg l -1 in unburned plot to 0.3 lg l -1 in the burned plot). In surface soils (0-10 cm) of the burned plot, fire decreased the concentrations of extractable organic-P fractions, but did not significantly increase inorganic-P fractions. The reduction of extractable soil organic P in the burned plot in topsoil and the increase of P in the soil solution at greater depths indicated a reduction of P availability and may increase P fixation in deep soils. Repeated fire events over the long term may result in significant net loss of available forms of phosphorus from this ecosystem.