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Summary Allocation of leaf phosphorus (P) among different functional fractions represents a crucial adaptive strategy for optimizing P use. However, it remains challenging to monitor the variability in leaf P fractions and, ultimately, to understand P‐use strategies across diverse plant communities.We explored relationships between five leaf P fractions (orthophosphate P, P_i; lipid P, P_L; nucleic acid P, P_N; metabolite P, P_M; and residual P, P_R) and 11 leaf economic traits of 58 woody species from three biomes in China, including temperate, subtropical and tropical forests. Then, we developed trait‐based models and spectral models for leaf P fractions and compared their predictive abilities.We found that plants exhibiting conservative strategies increased the proportions of P_Nand P_M, but decreased the proportions of P_iand P_L, thus enhancing photosynthetic P‐use efficiency, especially under P limitation. Spectral models outperformed trait‐based models in predicting cross‐site leaf P fractions, regardless of concentrations (R² = 0.50–0.88 vs 0.34–0.74) or proportions (R² = 0.43–0.70 vs 0.06–0.45).These findings enhance our understanding of leaf P‐allocation strategies and highlight reflectance spectroscopy as a promising alternative for characterizing large‐scale leaf P fractions and plant P‐use strategies, which could ultimately improve the physiological representation of the plant P cycle in land surface models.