Phosphorus (P) retention in wetlands is an important function of watershed nutrient cycling, particularly in drainage basins with significant nonpoint nutrient contributions from agriculture and urban sources. Phosphorus storage involves complex interrelated physical, chemical, and biological processes that ultimately retain P in organic and inorganic forms. Both short-term storage of P mediated by assimilation into vegetation, translocation within above- and below-ground plant tissues, microorganisms, periphyton, and detritus, and long-term storage (retention by inorganic and organic soil particles and net accretion of organic matter) need to be considered. Here, we review and synthesize recent studies on P cycling and storage in soils and sediments throughout the Greater Everglades Ecosystem and the influence of biotic and abiotic regulation of P reactivity and mobility as related to restoration activities in south Florida. Total P storage in the floc/detrital layer and surface soils (0–10 cm) is estimated to be 400,000 metric tons (mt) within the entire Greater Everglades Ecosystem, of which 40% is present in the Lake Okeechobee Basin (LOB), 11% in sediments of Upper Chain of Lakes, Lake Istokpoga, and Lake Okeechobee, 30% in the Everglades Agricultural Area (EAA), and 19% in the Stormwater Treatment Areas (STAs) and the Everglades. Approximately, 35% of the P stored is in chemically nonreactive (not extractable after sequential extraction with acid or alkali) pool and is assumed to be stable. Phosphorus leakage rates from LOB and EAA are approximately 500 and 170 mt P per year, respectively, based on long-term P discharges into adjacent ecosystems. The estimated reactive P in the LOB soils is 65% of the total P, of which only 10 –25% is assumed to leak out of the system. Under this scenario, legacy P in LOB would maintain P loads of 500 mt per year to the lake for the next 20– 50 years. Similarly, surface soils of the EAA are estimated to release approximately 170 mt P per year for the next 50–120 years. The role of the STAs in reducing loads to downstream regions is critical and requires effective management of P forms to ensure the P is stabilized in these systems by the addition of chemical amendments or by dredging of accumulated soils. Also, additional efforts to minimize leakage of the legacy P from the northern regions should also be evaluated to reduce external P loading loads to the STAs.