Understanding the effects of liming plus phosphate fertilization on soil physical and chemical properties, as well as carbon stock, is critical for improving soil fertility management under conventional till (CT) and no-till (NT) systems. This study aimed to quantify changes in these soil properties resulting from incorporation (CT) or not (NT) of limestone and phosphorus (P) in a subtropical Ferralsol in southern Brazil. The experiment was conducted in Campo Mourão, Paraná State, Brazil, according to a randomized complete block design with a 6 × 4 factorial arrangement and four replications. The treatments comprised six strategies for limestone and P management and four soil depth layers (0–0.05, 0.05–0.10, 0.10–0.20 and 0.20–0.40 m), as follows: NLNT - no liming under no-till; NLCT - no liming under conventional till; LPNT - liming and P fertilization under no-till; LPCT - liming and P fertilization under conventional till; LNT - liming under no-till; and LCT - liming under conventional till. In 2012, 5.0 Mg ha−1 dolomitic limestone and 53.3 kg ha−1 P were applied. In 2016, dolomitic limestone was reapplied to a soybean–wheat rotation. Liming and liming plus P treatments influenced soil properties up to a depth of 0.10 m, increasing pH and decreasing Al3+, without significant differences between CT and NT. Higher levels of Ca2+ and Mg2+ were observed at 0–0.05 m, except in unlimed treatments. Liming and liming plus P fertilization treatments resulted in mean increments of 1.83 and 1.37 cmolc dm−3 in Ca2+ and Mg2+ levels, respectively, regardless of the tillage system. Base saturation did not differ between treatments in the 0.10 m layer. However, LPCT resulted in higher base saturation in the 0.10–0.20 m (55 %) and 0.20–0.40 m (53 %) layers. P contents were affected up to 0.10 m depth, being 30 % higher in LPNT than in LPCT at 0–0.05 m. In the 0–0.05 m layer, soil bulk density was highest in NLCT and LPCT, and macroporosity was lowest in LPCT. Carbon stock was not affected by tillage practices, liming, or P fertilization. There was a positive correlation between P content and carbon stock at 0.20–0.40 m, suggesting that increased P availability at depth contributes to carbon sequestration. At 0–0.05 m, soil physical properties were negatively influenced by the combined application of liming and P fertilization under CT, indicating possible simultaneous effects on clay dispersion and pore obstruction.