A field experiment was conducted on an infertile red soil under a hairy vetch (Vicia villosa Roth) and corn (Zea mays L.) rotation system in a highland area of Yunnan Province, China. Effects of phosphate (P) fertilization, combined with hairy vetch returned to the soil, on crop yield and soil fertility were studied, and the balances of nitrogen (N), phosphorus (P) and potassium (K) in the rotation system were estimated. As P application increased from 135 to 315 kg ha(-1), the dry matter yield of hairy vetch increased by 900.6 to 1283.86 kg DM ha(-1), and also promoted P absorption by hairy vetch. When compared with CK, the corn and corn straw yield increased by 16.64 and 33.48%, respectively, from the crop rotation system, while it increased by 18.36 and 34.96% and 32.58 and 66.5%, from the integrated use of green manure and P fertilizer, respectively. Simple crop rotation proceeding could improve soil N content in the 0 to 20 cm soil layer, while the combined P application improved soil P content. After corn harvest, soil Olsen-P content under the different treatments increased by 35.31 and 122.15% and 19.70 and 63.63% in the 0 to 10 and 10 to 20 cm soil layers, respectively. The optimum P fertilizer rate for the hairy vetch-corn rotation system in Yunnan Province was 135 kg P2O5 ha(-1). At this P rate, the nutrient balance surpluses for N, P and K were 84.9, 18.9 and 26.4%, respectively.