Soil phosphorus (P) is a vital nutrient that controls wetland productivity and ecological functions. However, the effects of soil P forms on P availability during wetland degradation are relatively unknown. We selected differently degraded marshes, including non‐degraded marsh (NDM), lightly degraded marsh (LDM), moderately degraded marsh (MDM), and heavily degraded marsh (HDM), to research the changes in soil P forms by sequential chemical extraction and its regulation on P availability in the Zoige Plateau, China. The results showed that compared with the 0–30 cm soil layers of NDM, the main changes in total P concentration were a significant increase of 31.6%–44.2% in LDM and MDM, and the available P concentration increased by 28.7%–76.2% in LDM and MDM but decreased by 4.0%–47.5% in HDM with a lower P activation coefficient. Marsh degradation increased the concentration of soil dicalcium phosphates, P occluded in iron hydroxides, and organic P from the entire profile by 46.7%–137.7%, 31.7%–49.3%, and 78.1%–82.1%, respectively, while it decreased that of iron oxide surface adsorbed P and apatite P by 17.2%–32.2% and 15.3%–27.8%, respectively. Soil available P was mainly related to organic P and P non‐occluded in iron oxide minerals, which might also be a non‐negligible direct source of available P. The transformation from apatite P to organic P was an important regulatory mechanism of P availability in soils during marsh degradation. This study revealed the transformation trajectory of soil P forms owing to soil desiccation accompanied by plant community changes and overgrazing during alpine marsh degradation, and the risk of P limitation in HDMs with low soil available P. For degraded marsh restoration, some measures for improving P availability should be implemented in the future, such as grazing exclusion and the application of organic fertilizer.