This study aimed to explore the combined effects of micro-nano bubble water drip irrigation and different phosphorus (P) application rates (P0: 0 kg·hm−2; P1: 86 kg·hm−2; P2: 172 kg·hm−2; P3: 258 kg·hm−2) on maize growth, soil phosphorus dynamics, and phosphorus use efficiency to optimize irrigation and P fertilizer use efficiency. Through a field column experiment, the impact of micro-nano bubble water drip irrigation on maize plant height, stem diameter, leaf SPAD values, biomass, and yield was evaluated. The results showed that (1) irrigation methods significantly affected maize growth indicators such as plant height, stem diameter, and root dry weight. Micro-nano bubble water drip irrigation consistently promoted growth during all growth stages, especially under higher P application. (2) P application significantly increased the dry weight and P concentration in maize roots, stems, leaves, ears, and grains. Under micro-nano bubble water drip irrigation, the P concentrations in roots and grains increased by 59.28% to 92.59%. (3) Micro-nano bubble water drip irrigation significantly enhanced P uptake efficiency, partial factor productivity of P, and agronomic P use efficiency. Particularly under P1 and P2 treatments, the increases were 134.91% and 45.42%, respectively. Although the effect on apparent P recovery efficiency was relatively small, micro-nano bubble water drip irrigation still improved P utilization under moderate P levels. (4) Structural equation modeling indicated that P supply under micro-nano bubble water drip irrigation primarily regulated alkaline protease and alkaline phosphatase, enhancing soil P availability, which in turn promoted maize P accumulation and increased yield. In conclusion, this study demonstrated that the combination of micro-nano bubble water drip irrigation and appropriate P application can effectively promote maize growth and nutrient utilization, providing a theoretical basis for optimizing irrigation and fertilization strategies in maize production.