Phosphorus (P) deficiency commonly results in the development of red-to-purple coloration in plant foliage, typically attributed to anthocyanins. Betacyanins are a red pigment found in some plant species that do not produce anthocyanins, including Alternanthera sp. This study was conducted to investigate the effects of P nutrition on the betacyanin concentration and subsequent foliar coloration of ‘Purple Prince’, ‘Brazilian Red Hots’, and ‘Little Ruby’ alternanthera (Alternanthera brasiliana). The purpose of this study was to determine whether P fertilization management could enhance the coloration and aesthetic appeal of alternanthera. Custom fertilizers provided P concentrations of 0, 2.5, 5, 10, and 20 mg·L−1 P. One-half of the plants from each P concentration were restricted to 0 mg·L−1 P 1 month after transplant to determine whether adequate size could be attained before withholding P. Differences in P response were observed among cultivars for hue, betacyanin content, and plant size. Concentrations ≤5 mg·L−1 P resulted in plants that were more compact in terms of plant height and diameter, had deeper red foliage coloration, and greater foliar betacyanins compared with plants grown with greater P concentrations. Plants initially grown with 5 or 10 mg·L−1 P attained marketable size before P restriction and developed more red pigmentation compared with plants grown with P for the remaining duration of the study. Regression analysis demonstrated height was maximized with 3 to 8 mg·L−1 P, diameter with 4.1 to 8.4 mg·L−1 P, and branching with 10.0 mg·L−1 P. Foliar betacyanin concentrations were greatest in plants grown without P, reaching 269 mg/100 g fresh weight, whereas plants grown with 10 or 20 mg·L−1 P were 95% less (averaged ≈13 mg/100 g fresh weight). This study demonstrates that P restriction can benefit the aesthetic appeal of alternanthera and provides the first confirmation that P nutrition is associated with betacyanin accumulation.