Phosphorus is one of the most important elements that significantly affect plant growth and metabolism. Among the macro-nutrients, phosphorus is the least available to the plants as major phosphorus content of the fertiliser is sorbed by soil particles. An increased knowledge of the regulatory mechanisms controlling plant's phosphorus status is vital for improving phosphorus uptake and P-use efficiency and for reducing excessive input of fertilisers, while maintaining an acceptable yield. Phosphorus use efficiency has been studied using forward and reverse genetic analyses of mutants, quantitative genomic approaches and whole plant physiology but all these studies need to be integrated for a clearer understanding. We provide a critical overview on the molecular mechanisms and the components involved in the plant during phosphorus starvation. Then we summarize the information available on the genes and QTLs involved in phosphorus signalling and also the methods to estimate total phosphate in plant tissue. Also, an effort is made to build a comprehensive picture of phosphorus uptake, homeostasis, assimilation, remobilization, its deposition in the grain and its interaction with other micro- and macro-nutrients as well as phytohormones.