AbstractLong‐term experiments can help to understand soil phosphorus (P) dynamics and improve nutrient management strategies. This research evaluated long‐term (2002–2021) soil P dynamics and yield response to a range of P fertilizer rates in a continuous high‐yielding irrigated corn (Zea mays L.) experiment with low initial soil phosphorus test (SPT, 10.5 mg kg−1). The experiment was established near Clay Center, NE, and five P rates (0, 10, 20, 39, and 59 kg P ha−1) were evaluated. Soil samples at 20‐cm depth were collected in eight cropping seasons. Yield response to P fertilizer increased after 20 years from 0.64 to 2.79 Mg ha−1. The application of 39 kg P ha−1 year−1 increased soil Bray‐1 P to 19.5 mg kg−1, outyielded all other P treatments, and resulted in a positive relative P balance. Over 20 years, 0 kg P ha−1 year−1 decreased Bray‐1 P from 10.5 to 5.5 mg kg−1. Annual P rates of 0, 10, and 20 kg P ha−1 produced a negative relative P balance and SPT below the critical soil test value (CSTV). The CSTV was 22.2 mg kg−1 for a continuous irrigated corn cropping system. A 53% increase in the P fertilizer rate (from 39 to 59 kg P ha−1 year−1) produced a threefold increment in the soil test P build‐up rate. High‐yielding irrigated continuous corn production systems (>14 Mg ha−1) are required to apply at least 39 kg P ha−1 year−1 to maintain SPT and a positive relative P balance over years.