Phosphorus (P) is both a macronutrient for plants and an effective amendment to reduce lead (Pb) toxicity in soil. Thus, in Pb-polluted soil with low P availability, P will act as a nutrient as well as a Pb-immobilizing agent. However, this has not been fully investigated. A soil with 2.50 mg kg−1 Olsen P was spiked with soluble Pb and then amended with superphosphate to examine the effect of P on soil Pb availability and ryegrass (Lolium perenne L. cv. Aubisque) growth. It was found that P/Pb = 2 increased ryegrass yield by 804% and decreased root Pb concentration and soil diethylenetriaminepentaacetic acid (DTPA)–extractable Pb concentration by 25.6% and 1.0%, respectively. As P amendment increased to P/Pb = 4, both plant yield and root Pb concentration declined compared with P/Pb = 2. Results of the sequential extraction indicated that the proportion of carbonate phase Pb decreased, while that of the manganese oxide phase increased as P was added. The proportion of residual Pb was little affected by the amendment. The results suggest that in soils with low P availability and high Pb availability, availability of soil Pb and root concentration of Pb are less affected, whereas the toxicity of Pb is greatly depressed by the P amendment; P/Pb = 2 is high enough to alleviate the stresses of low P availability.