Phosphate fertilizer placement at sugarcane (Saccharum spp.) establishment can strongly influence the distribution of soil P pools over crop cycles, and has a great influence in the availability of this nutrient to plant uptake. Our main objective was to evaluate sugarcane yield as well as changes in the distribution of soil P pools, under phosphate fertilizer sources and their management, over two years of sugarcane cultivation. The experiment was established in August 2013 with two phosphate sources (TSP (triple superphosphate) and RP (Bayovar rock phosphate)) and three application methods: as broadcast, at planting furrow and combining half broadcast/half plant furrow, all at the rate of 180 kg ha−1 soluble P2O5 being applied at crop establishment. Sugarcane yield and P uptake was evaluated, and soil was sampled after harvest in August 2015 to analyze P fractions. Substantial amounts of P derived from fertilizers were accumulated as inorganic and/or organic moderately labile P. Broadcast application of TSP was not able to enhance total P in 0–40 cm layer compared to control treatment. In general, TSP was more effective to supply P for sugarcane and keep more of this nutrient in all labile fractions in the soil. However, the potential residual effect of RP (Ca-P) is expected in the following years, slowly solubilizing over the time.