Rhizosphere processes play a critical role in phosphorus (P) acquisition by plants and microbes, especially under P-limited conditions. Here, we investigated the impacts of nutrient addition and plant species on plant growth, rhizosphere processes, and soil P dynamics. In a glasshouse experiment, blue lupin (Lupinus angustifolius), white clover (Trifolium repens L.), perennial ryegrass (Lolium perenne L.), and wheat (Triticum aestivum L.) were grown in a low-P pasture soil for 8 weeks with and without the single and combined addition of P (33 mg kg−1) and nitrogen (200 mg kg−1). Phosphorus addition increased plant biomass and total P content across plant species, as well as microbial biomass P in white clover and ryegrass. Alkaline phosphatase activity was higher for blue lupin. Legumes showed higher concentrations of organic anions compared to grasses. After P addition, the concentrations of organic anions increased by 11-,10-, 5-, and 2-fold in the rhizospheres of blue lupin, white clover, wheat, and ryegrass, respectively. Despite the differences in their chemical availability (as assessed by P fractionation), moderately labile inorganic P and stable organic P were the most depleted fractions by the four plant species. Inorganic P fractions were depleted similarly between the four plant species, while blue lupin exhibited a strong depletion of stable organic P. Our findings suggest that organic anions were not related to the acquisition of inorganic P for legumes and grasses. At the same time, alkaline phosphatase activity was associated with the mobilization of stable organic P for blue lupin.