Ensuring food security for the growing global population is a major concern, particularly while striving towards enhancing the world’s food systems without compromising environmental sustainability. Conventional agricultural practices are majorly dependent on artificial fertilizers, which have various environmental and human health issues. Phosphorus is a major macronutrient for plant growth and development, but it is subject to tremendous losses in terms of immobilization, leaching, and erosion. Cognizant of this, environmentalists and sustainability researchers have focused more on modern approaches. Biofertilizers, plant breeding, and smart fertilizers have the potential to transform agricultural practices and offer answers to both immediate and long-term issues. Biofertilizers, consisting of the formulations of plant growth-promoting microorganisms, enhance plant growth and improve crop yield through direct or indirect mechanisms. Plant breeding mainly targets identifying genes linked to phosphorus efficiency traits, and breeding methods to enhance the phosphorus use efficiency of plants. Smart fertilizers are new technologies, including controlled and slow-released fertilizers, bioformulation fertilizers, and nano-fertilizers, to increase nutrient use efficiency and crop yield sustainably, thus minimizing health risks and other environmental issues. The major key barrier to preventing the widespread use of plant breeding and smart fertilizers in agriculture is the high cost of the material. This chapter explores the use of biofertilizers, innovative plant breeding methods, and smart fertilizers in contemporary agricultural practices to promote more sustainable and efficient food production systems.