Lowering of groundwater levels caused by anthropogenic changes in the environment gives rise to global problems, most of which relate to soil degradation such as land desertification or organic soil degradation. The transformation of drainage-sensitive organic soils causes many irreversible changes during organic matter (OM) transformation. Phosphorous (P) behaviour is one of the aspects of OM transformation that requires further investigation, due to the P transformations’ complex dependency on many environmental factors. Our study aimed to characterise behaviour of P and find indices reflecting P changes under the influence of OM transformation in drained organic soils in the Odra river valley. The studies were carried out on soils representing different stages of soil degradation in which basic soil properties, including different P forms, were determined with commonly used methods. The results showed significantly higher content of soluble P forms (Pw, PCaCl2, PM3), particularly in the most drained postmurshic soil (P1). The indices used in this study—Ip, PSD, C:Pt, N:Pt—reflected well the P and OM transformations in organic soils degraded by drainage. This was indicated by numerous statistically significant relationships between the indices and basic soil properties (e.g., Ash, C, N), as well as different P forms (Pt, Pmin, Pox, Porg, Pw, PCaCl2, PM3). The PSD and Ip values increased and the C:Pt and N:Pt ratios decreased with the degree of OM mineralisation and the degree of site drainage (P3 < P2 < P1).