Rice (Oryza sativa) is a globally important cereal crop, and the rational application of fertilizers is necessary agricultural practice to ensure its sustainable and stable yield. Phosphorus is one of the essential nutrients for rice, primarily absorbed through the rice roots. Since rice is often grown in flooded conditions, the root surface of rice plants often forms iron plaques rich in iron oxides, which play a crucial role in the migration and transformation of phosphorus in the rhizosphere of rice. Therefore, this paper reviews the impact of biotic and abiotic factors on the formation and transformation of iron plaques in rice and discusses the effect of iron plaques on the absorption and transport of phosphorus in plant nutrition. Finally, prospects for future research on iron plaques are presented, aiming to provide a deeper theoretical basis for understanding the interaction between iron and phosphorus in the rhizosphere of rice.