With more than 40 countries currently proposing to boost their national bioeconomies, there is no better time for a clarion call for a “new” bioeconomy, which, at its core, tackles the current disparities and inequalities in phosphorus (P) availability. Existing biofuel production systems have widened P inequalities and contributed to a linear P economy, impairing water quality and accelerating dependence on P fertilizers manufactured from finite non-renewable phosphate rock reserves. Here, we explore how the emerging bioeconomy in novel, value-added, bio-based products offers opportunities to rethink our stewardship of P. Development of integrated value chains of new bio-based products offer opportunities for co-development of “P-refineries” to recover P fertilizer products from organic wastes. Advances in material sciences are exploiting unique semiconductor and opto-electrical properties of new P allotropes (2D Black Phosphorus and Blue Phosphorus). These novel P materials offer the tantalising prospect of step-change innovations in renewable energy production and storage, in biomedical applications, and in biomimetic processes, including artificial photosynthesis. They also potentially offer an antidote to the P paradox that our agricultural production systems have engineered us into, and expand the future role of P in securing sustainability across both ‘agroecological’ and ‘technological’ domains of the bioeconomy. However, there remains a myriad of social, technological and commercialization hurdles to be crossed before such an advanced circular P bioeconomy could be realized. The emerging bioeconomy is just one piece of a much larger puzzle of how to achieve more sustainable and circular horizons in our future use of phosphorus.