Wetlands provide various ecosystem services. One of these services includes nutrient storage in soils. Soils retain and release nutrients such as phosphorus (P). This dynamic can be controlled by soil characteristics, overlying water quality, environmental conditions and historical nutrient loading. Historical nutrient loading contributes to a legacy of P stored in soils and this may influence present day P dynamics between soil and water. We quantified P characteristics of wetland soils and determined the availability and capacity of soils to retain additional P loadings. We sampled surface (0–10) and subsurface (10–30) wetland soils within dairy, improved and unimproved pastures. Surface soils had much greater concentrations of organic and inorganic P. Wetland soils in dairy had greatest concentrations of Ca and Mg, probably due to inputs of inorganic fertilizer. They also had much greater total P, inorganic P, and P sorption capacity; however, these soils were P saturated and had little capacity to retain additional P loading. Improved and unimproved pasture wetland soils had greatest amounts of organic P (>84%) and a capacity to store additional P loadings. Using multivariate statistics, we determined that rather than being different based on land use, wetland soils in improved and unimproved pasture were dissimilar based upon organic matter, organic P fractions, residual P, and soil metal (Fe and Al) content. The legacy of stored P in soils, particularly wetland soils from dairies, combined with best management practices (BMPs) to reduce nutrient loading to these systems, could contribute to a short-term release of soil-stored P to overlying wetland water.