Phosphorus (P) recovery from waste streams can increase food system P use efficiency while simultaneousl mitigating point source P losses. Phytin is a P‐rich waste product generated from maize grain biorefineries, largely located in the US Midwest. However, since the majority of P in phytin is organic, phytin‐P is likely to have limited crop availability in soil following application, as it must first be mineralized to orthophosphate‐P by soil phosphatases. To evaluate the fertilizer potential of phytin recovered from a maize wet milling plant and test hypothesized mechanisms of P mineralization, a five‐step gradient of phytin substitution for monoammonium phosphate (MAP) (0%, 25%, 50%, 75%, and 100% substitution) was evaluated for maize (Zea mays L.) and soybean (Glycine max L.) growth in a P‐deficient Aquic Argiudoll. Irrespective of crop species, aboveground biomass at end of vegetative growth (VT stage) was similar for up to 75% phytin substitution as MAP, but was 21% lower for maize and 49% for soybean when phytin was fully substituted for MAP. Soil microbial biomass carbon (C), nitrogen (N), and P, as well as activities of phosphomonoesterase and phosphodiesterase were invariant across the phytin substitution gradient, suggesting negligible mineralization of phytin P. Full substitution of MAP with phytin lowered soil microbial biomass C:N by 121% for maize and by 153% for soybean, and soil phosphatase activities per unit microbial biomass C were 24% higher under soybean. Our results indicate that phytin can be partially substituted for highly water‐soluble P fertilizers for the two major crop species of the US Midwest in which phytin waste generation is co‐located.