The growth of many pine plantations in the southern United States is limited by soil nutrient availability. Therefore, forest fertilization is a common silvicultural practice throughout the South. Approximately 1.2 million ac of pine plantations were fertilized in 2004. In the last 10 years, considerable advances have been made in identifying the ecophysiological basis for stand growth and the response to fertilizer additions. Nitrogen (N) and phosphorus (P) are the nutrients that most commonly limit growth of southern pine. On wet clay soils in the lower Coastal Plain and on some well-drained soil in the upper Coastal Plain, severe P deficiencies exist. On these soils, P fertilization with 25–50 lb of P per acre at the time of planting produces a large and sustained growth response, on the order of 50 ft³ ac⁻¹ yr⁻¹ (1.5 tn ac⁻¹ yr⁻¹) throughout the rotation. On most other soils in the South, chronic deficiencies of both N and P exist. On these sites, soil nutrient availability often is adequate early in the rotation when tree demand is small. However, around the time of crown closure, N and P frequently become limiting. Fertilization with both N and P in these intermediate aged stands typically increases growth for 8–10 years. The growth response to a combination of 25 lb of P per acre plus 200 lb of N per acre averages around 55 ft³ ac⁻¹ yr⁻¹ (1.6 tn ac⁻¹ yr⁻¹) for an 8-year period. The amount of leaf area in the stand is the main factor determining the current growth rate of the stand and the potential growth response after fertilization. When stand leaf area index is less than 3.5, light capture by the stand is restricted and growth is negatively affected. In many of these stands, fertilization will increase leaf area because of increased soil nutrient availability and thus increase growth. The financial return after fertilization depends on the growth response that occurs, the cost of the fertilizer treatment, and the stumpage value of the timber produced. Using a growth response of 55 ft3 ac⁻¹ yr⁻¹ over 8 years, a fertilizer cost of $90 ac⁻¹, and stumpage values from the first quarter of 2006, the internal rate of return from midrotation fertilization of a loblolly pine plantation with N and P would be approximately 16%.