Phosphate fertilizers used in planted forests mainly come from scarce and nonrenewable sources, and there is a need for new sources of phosphorus (P). An alternative is the use of sewage sludge (SS), rich in organic matter, nitrogen, and P. The objectives were to evaluate the soil P availability and its effect on wood production in 22month-old Eucalyptus urograndis plantation treated with SS. A field experiment was set up in a randomized complete block design, four replicates, with the following treatments: control without fertilization; mineral fertilization (MF); 14.5 Mg ha −1 of SS + 22 kg ha −1 of P (S1P1); 29 Mg ha −1 of SS (S2); 29 Mg ha −1 of SS + 17.5 kg ha −1 of P (S2P2); and 43.5 Mg ha −1 of SS (S3), dry base. Of the total P in SS, 65% was in organic form and 42% was in labile + moderately labile forms. S2P2 and S3 positively altered the pattern of soil P distribution, with more P in the labile and moderately labile fractions than in the non-labile fraction, along 0-20 cm depths, than MF and control. There were higher microbial and available P as a function of SS dose. Wood volume and biomass were highly related to soil P availability as a function of SS dose. Within the SS treatments, S2P2 resulted in higher gains of volume and biomass of wood. The SS application at the recommend rate, supplemented with 66% of recommended P fertilizer dose in Eucalyptus plantations, can reduce the use of P fertilizer by 33% and N fertilizer by 100% and maintain comparable soil P availability and wood production.