The effects of phosphorus fertilizer reduction on the growth, photosynthetic characteristics, yield and its utilization efficiency on double cropping rice were studied through field plot experiments. The results showed that the photosynthetic characteristics, yield and phosphorus utilization efficiency were improved with the application of phosphorus fertilizer at 72–90 kg/hm2 P2O5 for early rice and at 48–60 kg/hm2 P2O5 for late rice, the growth and tillers of double cropping rice were also promoted. The phosphorus utilization efficiency and agronomic phosphorus efficiency were both improved ranged by 4.37%–24.29% and 1.39–4.27 kg/kg, respectively. The yield did not decline in the phosphorus reduction from 10% to 20% with comparison to the control, which the amount of phosphorus fertilizer application was 90 kg/hm2 for early rice and 60 kg/hm2 for later rice. The yield of double cropping rice was significantly decreased by 5.05%–6.06%, and the utilization efficiency decreased by 5.66%–11.77% in the application reduction by 30%. In general, the reduction of phosphorus application from 10% to 20% (compared to the control) was of great value for the extension purpose to local rice production.