Traits of leaves and fine roots are expected to predict the responses and adaptation of plants to their environments. Whether and how fine-root traits (FRTs) are associated with the allocation of foliar phosphorus (P) fractions of desert species in water- and P-poor environments, however, remains unclear. We exposed seedlings of Alhagi sparsifolia Shap. (hereafter Alhagi) treated with two water and four P-supply levels for three years in open-air pot experiments and measured the concentrations of foliar P fractions, foliar traits, and FRTs. The allocation proportion of foliar nucleic acid-P and acid phosphatase (APase) activity of fine roots were significantly higher by 45.94 and 53.3% in drought and no-P treatments relative to well-watered and high-P treatments, whereas foliar metabolic-P and structural-P were significantly lower by 3.70 and 5.26%. Allocation proportions of foliar structural-P and residual-P were positively correlated with fine-root P (FRP) concentration, but nucleic acid-P concentration was negatively correlated with FRP concentration. A tradeoff was found between the allocation proportion to all foliar P fractions relative to the FRP concentration, fine-root APase activity, and amounts of carboxylates, followed by fine-root morphological traits. The requirement for a link between the aboveground and underground tissues of Alhagi was generally higher in the drought than the well-watered treatment. Altering FRTs and the allocation of P to foliar nucleic acid-P were two coupled strategies of Alhagi under conditions of drought and/or low-P. These results advance our understanding of the strategies for allocating foliar P by mediating FRTs in drought and P-poor environments.