Optimal phosphorus (P) managements can improve the crop yield without reducing soil P supply capacity over the long term. In this study, the rapeseed–rice rotation experiments were conducted to evaluate the effect of five optimal P fertilizer managements, including the addition of RA (rooting agents), PSB (phosphate solubilizing bacteria), CMP (calcium and magnesium phosphate fertilizer), DP1 (starter P) and DP2 (foliar fertilizer) with the reduction of 40% (in the 1st rapeseed season) and 75% (in the 2nd rapeseed season) P fertilizers of farmers’ fertilizer practice (FFP) on crop productivity and soil P fertility in low and high P fertility soils. Seed yield, P partial factor productivity, and P recovery efficiency of both cultivars, Shengguang168 (SG168) and Zhongshuang 11 (ZS11), were significantly improved under optimal P managements, and the increase of them in low P fertility soil was more than that in high P fertility soil. Total P surplus was lower under optimal P managements than under FFP in both P fertility soils. The increasing amount of crop yields under optimal P managements for both cultivars was equivalent to that of 16.0–38.3 kg P2O5 hm−2 of P fertilizer application, and the order of the optimal P managements was as follows: RA > PSB > CMP > DP1 > DP2. In addition, the grain yield of rotated rice cultivar Longliangyou1212 (LLY1212) without P supply was not reduced in both fertility soils. Compared with low P fertility soil, yields of SG168, ZS11 and LLY1212 in high P fertility soil increased by 28.1%–71.7%, 28.3%–78.9% and 26.2%–47.2% at the same treatment, respectively. In summary, optimal P managements in the rapeseed season could stabilize the crop yield, promote P use efficiency and the capacity of soil P supply in the rapeseed–rice rotation, especially in low P fertility soil.