Relationship between soil phosphorus (P) accumulation and characteristics of P adsorption in red soil under long-term (20 years) fertilization were explored，and environmental risk of P accumulation P in the soil was discussed through analyzing changes in P adsorption eigenvalue and environment oriented soil P token value.Results show that longterm P fertilization markedly increased P accumulation and the contents of available P and readily desorbable P in the soil，but decreased the soil adsorption capacity of foreign P.In all the seven treatments in the experiment，except Treatment NK and Treatment PSI (peanut stem incorporation)，the amounts of Olsen-P in the soil were all over 20 mg kg^-1，reaching a P level of abundance，but only in Treatment PM (pig manure) did P accumulation pose some environmental risk.Consequently a new fertilization system should be worked out by taking into account both the agricultural effects and environment safety of soil P，to further rationalize the use of P resources.