Organic manure is an ideal alternative fertilizer to provide phosphorus (P) but is not fully recycled in subtropical China. In order to identify if it can replace chemical P fertilizer, a 35-year field trail in a paddy soil under double-rice cropping system was conducted to assess the effects of substituting chemical P fertilizer with pig manure (NKM) on rice yield, phosphorus use efficiency (PUE) and P balance. The N, P and K input under NKM was 1.2, 0.8 and 1.2 times of the combined chemical fertilizer treatment (NPK), respectively. The NKM treatment reached the same level of grain yield with NPK after 20 years' application, and showed significantly 4.0% decreased double-rice grain yield compared with NPK over the 35 years. The NKM treatment reduced the crop P uptake leading to decreased PUE compared with NPK. Long-term P budget showed that NKM may result in higher potential of P loss than NPK. Thus, substituting chemical P fertilizer with organic manure under this rate of nutrient input slightly sacrificed the crop yield and may increase the P loss. Considering the benefits of soil fertility, adjusting the substitution rate with a more balanced NPK input might be alternative in subtropical China.