Phytate (myo-inositol hexakisphosphate salts) can constitute a large fraction of the organic P in soils. As a more recalcitrant form of soil organic P, up to 51 million metric tons of phytate accumulate in soils annually, corresponding to ∼65% of the P fertilizer application. However, the availability of phytate is limited due to its strong binding to soils via its highly-phosphorylated inositol structure, with sorption capacity being ∼4 times that of orthophosphate in soils. Phosphorus (P) is one of the most limiting macronutrients for agricultural productivity. Given that phosphate rock is a finite resource, coupled with the increasing difficulty in its extraction and geopolitical fragility in supply, it is anticipated that both economic and environmental costs of P fertilizer will greatly increase. Therefore, optimizing the use of soil phytate-P can potentially enhance the economic and environmental sustainability of agriculture production. To increase phytate-P availability in the rhizosphere, plants and microbes have developed strategies to improve phytate solubility and mineralization by secreting mobilizing agents including organic acids and hydrolyzing enzymes including various phytases. Though we have some understanding of phytate availability and phytase activity in soils, the limiting steps for phytate-P acquisition by plants proposed two decades ago remain elusive. Besides, the relative contribution of plant- and microbe-derived phytases, including those from mycorrhizas, in improving phytate-P utilization is poorly understood. Hence, it is important to understand the processes that influence phytate-P acquisition by plants, thereby developing effective molecular biotechnologies to enhance the dynamics of phytate in soil. However, from a practical view, phytate-P acquisition by plants competes with soil P fixation, so the ability of plants to access stable phytate must be evaluated from both a plant and soil perspective. Here, we summarize information on phytate availability in soils and phytate-P acquisition by plants. In addition, agronomic approaches and biotechnological strategies to improve soil phytate-P utilization by plants are discussed, and questions that need further investigation are raised. The information helps to better improve phytate-P utilization by plants, thereby reducing P resource inputs and pollution risks to the wider environment.