Phosphorus (P) is a non-renewable resource that limits plant productivity due to its low bioavailability in the soil. Large amounts of P fertilizer are required to sustain high yields, which is both inefficient and hazardous to the environment. Plants have evolved various adaptive responses to cope with low external P availability, including mobilizing cellular P through phosphate (Pi) transporters and recycling Pi from P-containing biomolecules to maintain cellular P homeostasis. This mini-review summarizes the current research on intracellular P recycling and mobilization in response to P availability. We introduce the roles of Pi transporters and the P metabolic enzymes and expand on their gene regulation and mechanisms. The relevance of these processes in the search for targets to improve phosphorus use efficiency and some of the current challenges and gaps in our understanding of P starvation responses are discussed.