Abstract Plant phosphorus (P) acquisition strategy is considered to be an intrinsic driver behind plant succession. However, variations in plant P acquisition strategies in connection to soil P fraction changes after wetland drainage remain unclear. To address this issue, here we conducted a study in six distinct wetlands that experienced long‐term (>20 years) artificial drainage, with the adjacent waterlogged wetlands as a control. We analysed plant community composition, biomass and soil P fractions, and identified three plant P acquisition strategies based on soil acid phosphatase activity, plant P resorption efficiency, and soil arbuscular mycorrhizal fungi (AMF) content. We found that soil calcium‐bound P (PCa) and enzyme‐extractable P (Penzyme) were key factors influencing plant P acquisition. Soil PCa correlated negatively with acid phosphatase activity but positively with AMF content. Soil Penzyme negatively impacted P resorption efficiency. The wetlands were categorised into three types based on the change in plant richness and composition, with each exhibiting distinct plant P acquisition strategies. These changes in strategies after drainage corresponded with shifts in soil P fractions. Overall, our study highlights the role of soil P fractions in explaining plant P acquisition strategies after wetland drainage, suggesting P regulations on plant succession and ecosystem services. Read the free Plain Language Summary for this article on the Journal blog.