Phosphorus (P) availability strongly constrains productivity in dryland ecosystems, yet how long-term precipitation change regulates P dynamics across soil depth intervals remains unclear. We combined an 8-year field precipitation manipulation experiment with sequential chemical fractionation and solution-state 31P nuclear magnetic resonance (NMR) spectroscopy to investigate the distribution, molecular composition, and transformation of P in calcareous desert soils. Soil P cycling showed clear depth-dependent functional differentiation. Four major organic P (Po) compounds were resolved in the NaOH-EDTA extracts, with choline phosphate and mononucleotides accounting for more than 89% of the detectable Po pool. In the two upper sampled layers (0-5 and 5-10 cm), P dynamics were more closely associated with enzymatic activities, suggesting that biologically mediated mineralization played an important role in near-surface P turnover. In the deeper sampled layer (10-20 cm), P dynamics were more strongly associated with microbial biomass, which showed a positive relationship with inorganic P (Pi) turnover (path coefficient = 0.63). Across all treatments, soil water availability, determined by precipitation input and its redistribution with depth, was a key factor associated with P fractionation and transformation. Calcium-bound P represented more than 87% of total P, indicating strong geochemical constraints on P bioavailability in these calcareous desert soils. Partial least squares path modeling further suggested that precipitation effects on P speciation and availability were predominantly indirect, operating through soil physicochemical conditions, enzymatic activities, and microbial biomass rather than through direct solubilization. Together, these findings provide a depth-resolved framework for understanding P cycling in calcareous dryland soils, highlighting the contrast between the large geochemically stable P pool and the smaller but more dynamic biologically mediated P pools that respond more sensitively to changing moisture conditions. This framework supports the development of adaptive, depth-specific P management in calcareous drylands under changing precipitation regimes.