Phosphorus (P) is fundamental to all life forms and considered a major limiting factor for plant growth. However, soils remain inherently poor in available P content as P can be lost from the soil-plant cycling system. Hence, modern agriculture has become dependent on regular inputs of phosphate to achieve high outputs and ensure food security. The use of mineral P fertilizers manufactured from mined rock phosphate (RP) has led to an open P cycle that has given rise to serious ecological concerns. Given the non-renewable nature of P reserves, scientists have debated over the longevity of the remaining RP deposits and their future viability to produce enough food to feed an ever-growing population. This review provides an updated synthesis of sustainable management strategies for closing the P cycle by exploring cost-effective and eco-friendly alternatives. Numerous agronomic practices and technical solutions have been developed including industrial P recovery and better management of soil microbial communities. Other studies have also focused on addressing global RP reserves and demand of a careful examination of its usage. However, despite the promising results obtained at pilot scale, the field-scale implementation remains a challenging task ahead of scientists to ensure global food security, with economical cost, and minimum environmental impact.