Fibroblast growth factor‐23 (FGF23) measurement is a critical tool in the evaluation of patients with disordered phosphate homeostasis. Available laboratory reference ranges for blood FGF23 were developed using samples from normophosphatemic individuals. Reliance on such values can lead to misdiagnosis in patients with FGF23‐mediated hypophosphatemia, such as X‐linked hypophosphatemia (XLH) and tumor‐induced osteomalacia (TIO), in whom pathology‐driving FGF23 levels can be in the “normal range.” To determine FGF23 levels that are diagnostic for the identification of patients with FGF23‐mediated hypophosphatemic disorders, we studied 149 patients with various disorders of FGF23‐mediated and FGF23‐independent hypophosphatemia and defined cut‐off levels for both intact FGF23 (iFGF23) and C‐terminal FGF23 (cFGF23) that can accurately distinguish between FGF23‐mediated and FGF23‐independent hypophosphatemia. In addition, to demonstrate the relationship between FGF23 and phosphate across the spectrum of human physiology, we assessed blood levels of FGF23 and phosphate in 434 patients with various forms of hypophosphatemia, hyperphosphatemia, and normophosphatemia. An intact FGF23 cut point of 27 pg/mL was 100% sensitive and specific in distinguishing FGF23‐mediated from FGF23‐independent hypophosphatemia, and a cFGF23 cut point of 90 RU/mL was 100% sensitive and specific in distinguishing specifically TIO from FGF23‐independent hypophosphatemia. There was overlap in the cFGF23 range of 45–90 RU/mL between genetic forms of FGF23 excess and FGF23‐independent hypophosphatemia, substantiating the superiority of iFGF23 over cFGF23 in making the diagnosis of FGF23‐mediated hypophosphatemia. In this cohort, using the laboratory upper limit of normal for cFGF23 (180 RU/mL) would result in a misdiagnosis in more than half of patients with FGF23‐mediated hypophosphatemia. In this, the largest study of FGF23 in chronic hypophosphatemia to date, we established iFGF23 and cFGF23 cut‐off values to assist in the evaluation and diagnosis of hypophosphatemic conditions. © 2022 American Society for Bone and Mineral Research (ASBMR). This article has been contributed to by US Government employees and their work is in the public domain in the USA.