Since its discovery in 1669, phosphorus (P) in the form of fertilizer has become an essential input for many agroecosystems. By introducing a concentrated P source, fertilizers increase short-term P export potential soon after their application and longer-term export potential by increasing soil fertility (legacy P). The 4R concept was developed to help mitigate P exports from the fertilizers that sustain agricultural productivity. This review investigates the factors affecting P exports soon after the application of mineral fertilizers to pasture-based grazing systems and studies quantifying its potential impact in different systems, with an emphasis on Australasia. Initially, P fertilizers and reactions that might affect their short-term P export potential are reviewed, along with P transport pathways, the forms of P exported from grazing systems, factors affecting P mobilization into water, and studies demonstrating the possible short-term effects of fertilizer application on P exports. Using that foundation, we review studies quantifying the short-term impact of fertilizer application in different regions; they show that under poor management, recently applied fertilizer can contribute a considerable proportion (30-80%) of total farm P exports in drainage, but when fertilizer is well-managed, that figure is expected to be <10%. We then use three model systems of varying hydrology that are common to Australasia to demonstrate the principles for selecting fertilizers that are likely to minimize P exports soon after their application.