Phosphorus (P) is one of the most important major mineral elements for plant growth and metabolism. Plants have evolved adaptive regulatory mechanisms to maintain phosphate (Pi) homeostasis by improving phosphorus uptake, translocation, remobilization and efficiency of use. Here we review recent advances in our understanding of the OsPHR2-mediated phosphate-signaling pathway in rice. OsPHR2 positively regulates the low-affinity Pi transporter OsPT2 through physical interaction and reciprocal regulation of OsPHO2 in roots. OsPT2 is responsible for most of the OsPHR2-mediated accumulation of excess Pi in shoots. OsSPX1 acts as a repressor in the OsPHR2-mediated phosphate-signaling pathway. Some mutants screened from ethyl methanesulfonate (EMS)-mutagenized M2 population of OsPHR2 overexpression transgenic line removed the growth inhibition, indicating that some unknown factors are crucial for Pi utilization or plant growth under the regulation of OsPHR2.