Determining the amount of livestock manure application in farmland is a foundation for circular agriculture. A field experiment was conducted in rice-wheat rotation cropping system in Chengdu plain. Soil total phosphorus (TP) content, Olsen–P, Mehlich3–P and CaCl2–P accumulation characteristics were studied to estimate the P leaching risk. The results showed that TP content in soil increased with the swine manure application, Olsen–P and Mehlich3–P showed a fast increase when plants were exposed to 100% pig manure N treatments, with the increase of 21.87–90.58 mg/kg and 53.25–262.82 mg/kg, respectively. CaCl2–P also showed a rapid increase when the plants were exposed to the 100% pig manure N, with the increase of 0.18–2.40 mg/kg. The diagnostic value of Olsen–P, Mehlich3–P and CaCl2–P in the cropping system was 50 mg/kg, 125 mg/kg and 0.6 mg/kg, respectively. When the amount of composting manure was 23 364 kg/hm2 in rice-wheat rotation (50% chemical fertilizer N+50% pig manure N), the accumulation of the phosphorus in soil was significantly less than the critical value of phosphorus loss, which indicated that pig manure could be safely consumed to its maximum. Rice and wheat yield in treatments with 50% chemical fertilizer N+50% pig manure N was the highest, which reached to 13 309.7 kg/hm2, and the yield was improved by 10.01% compared to conventional fertilizer application. It came up to the best from the incomprehensive ecological and economic benefits.