Phosphorus (P) is an essential nutrient for livestock but its efficiency of utilization is below 40%, contributing to environmental issues. In this review, we summarize recent approaches to optimize P availability in livestock diets and improve its utilization efficiency. Phase feeding could potentially reduce P excretion by 20%. Addition of phytase enzymes to diets increased P availability from 42 to 95%. Low phytate transgenic plants and transgenic animals increased P availability by 14% and 52-99%, respectively. In practice, a combination of phase feeding and enzymes has the highest potential for P reduction but legislation and ethics implications will prevent using transgenic animals in the short term. Functional and nutritional genomics may provide tools to improve efficiency in the future.