Field trials were conducted at the Institute of Agricultural Research and Training Ibadan in 2000 and 2001 cropping seasons to evaluate the efficiency of some phosphorus (P) sources, rates, and frequency of application on grain yields of maize and cowpea grown sequentially. The experiment was laid out in a split-split plot arrangement using randomized complete block design, with three replications. The main plot was frequency of fertilizer application (seasonal and annual). Source of P [single superphosphate (SSP: 18% P 2O 5)]; Ogun rock phosphate (OPR: 20.21% P 2O 5), and crystallizer super (CS: 31.4% P 2O 5) constituted the subplots. The P rates (0, 20, 40, and 60 kg P ha -1) were the sub-subplots. An early maize cropping followed by a late-season cowpea was the sequential cropping, while an early maize followed by a late-season maize was the continuous cropping. The croppings were repeated the second year. Frequency of P application and source of P were significantly different while rates of application were not. Maize and cowpea grain yields from the control treatment were significantly less than yields from P-treated plots. Maize grain yields were slightly greater in plots alternated with cowpea, compared to continuous maize. Relative agronomic efficiency (RAE) values of OPR and CS were 67% and 75%, respectively, in annual application and 140% and 134% in seasonal applications, respectively, in 2000. In 2001, the trend was almost similar to 2000 except that there was a decline in RAE values of cowpea. Each Naira invested in the annual application returned about Naira 3.12 while about Naira 2.13 was returned with the seasonal application (Naira 125.00 is the equivalent of USD$1.00). The OPR and CS can serve as alternatives to water-soluble sources such as SSP.