Available information on the coupling relationship between phosphorus fraction and organic carbon during composting remains limited. Thus, this research investigated the changes of phosphorus fraction, dissolved organic carbon fluorescent components and microbial community in swine manure composting with different carbon sources including the maize straw (MS), garden waste (GW) and distillers’ grains (DG), in order to investigate whether the distribution and availability of phosphorus are influenced by different carbon sources used in the composting of swine manure. The result showed that different carbon sources changed phosphorus availability variously mainly by altering the succession of fungal communities and phosphorus functional genes. The dissolved organic material including tyrosine and tryptophan facilitate the mineralization of organic phosphorus (Org-P) into water-soluble phosphorus, thereby improving phosphorus availability. However, humic acid-like carbon components promote the conversion of inorganic-phosphorus to Org-P, which is the direct cause of the reduced phosphorus availability during composting. The results of this study provide support for the development of phosphorus-rich, stable, and clean compost products.