The global phosphorus challenge arises from the uneven distribution of phosphorus resources, environmental effects from phosphorus losses and unsustainable linear management. Despite progress in advanced phosphorus recycling, less than 1% of secondary phosphorus resources produced globally are recycled. In this Review, we comprehensively explore global barriers to phosphorus recycling. Manure (15–20 million tons P (MtP) yr−1), mining and fertilizer industry waste (6–12 MtP yr−1), wastewater (~3.7 MtP yr−1) and food waste (~1.2 MtP yr−1) are the major secondary phosphorus resources worldwide. In addition, accumulated legacy phosphorus in soil and sediment comprises a combined stock of more than 3,200 MtP. Phosphorus mismanagement and losses cost stakeholders US$265 billion annually, yet substantial barriers to phosphorus recycling remain. Key challenges to be overcome include low competitiveness of recycled phosphorus products, complex waste handling, limited legacy phosphorus recovery and fragmented collaboration among stakeholders. A shift is needed towards an integrated, systems-based approach that simultaneously addresses technical, economic and societal challenges. Transdisciplinary strategies and research will advance phosphorus recycling and the development of a sustainable, circular phosphorus economy. Incorporating the perspectives of diverse stakeholders will help drive increasingly sustainable phosphorus management.