Application of high dose of phosphorus (P) changes the soil chemical properties which may lead to redistribution of Zn fractions in soil. A field experiment was conducted to study the effect of added zinc (Zn) and P on Zn transformations in a New Alluvial soil (Aeric Haplaquept), together with dry matter yield and Zn uptake by rice plants. The treatments included four levels of P (0, 40, 60, and 80 kg ha−1) and three levels of Zn (0, 5, and 10 kg ha−1). Although P application increased the dry matter yield of rice, Zn concentration and uptake was decreased significantly at higher dose of P application. Application of P caused a decrease in all the fractions of soil Zn except amorphous and crystalline Fe-oxide bound zinc. The order of preponderance of different zinc fractions followed the order, water soluble plus exchangeable (WE-Zn) < carbonate bound (Car-Zn) < organically bound (Org-Zn) < manganese oxide (MnOx-Zn) < crystalline sesquioxide (CFeOx-Zn) < amorphous sesquioxide (AFeOx-Zn) < residual Zn (Res-Zn). Residual Zn was the most dominant form of Zn, contributing about 69.07% to total Zn. Correlation data indicated that those fractions are in a state of dynamic equilibrium among different fractions and governs the plant-available Zn in soil. Path coefficient analysis of different Zn-fractions with Zn-uptake in rice plant showed that among the all pools of Zn, Org-Zn fraction plays the most vital role in contributing to Zn uptake by plants.