<p>Phosphorus (P) availability in alkaline calcareous soils of Pakistan is very limited to crop plants due to formation of various precipitates. About 75–90% of the applied fertilizer rapidly fixed in soils due to the formation of metal-cation complexes. In such soils, use of P solubilizing bacteria (PSB) along with chemical fertilizer might be the possible solution to improve the P availability. Moreover, the limited evidences are reported on integrated use of PSB with phosphorus fertilizer in pearl millet fodder yield under alkaline–calcareous soils. Therefore, this 2-year field study was conducted to optimize coupling of PSB inoculation with chemical fertilizer doses to improve P use efficiency (PUE), fodder yield and economic returns of pearl millet. In this study, P fertilizer levels (0 (control), 30, 60, 90, and 120&#xa0;kg P₂O₅ ha^− 1) were coupled with and without PSB inoculation. These treatments were tested on plant growth and P availability in a calcareous soil. The results showed that PSB inoculation with P application at 90&#xa0;kg ha^− 1 had significantly enhanced soil available P (24% and 23%), and PUE (16% and 18%) of pearl millet as compared to control during 2020 and 2021, respectively. The same treatment resulted more plant height (21% and 19%), number of tillers (47% and 53%), fodder yield (65% and 64%) and benefit cost ratio (50% and 44%) of pearl millet due to higher P availability. These findings suggested that P application with PSB can enhance farmer profitability by lowering input costs and encourage wider adoption among smallholder farmers in phosphorus-deficient, alkaline-calcareous soils. Therefore, adding P at 90&#xa0;kg ha^− 1 together with bacterial inoculation, can be recommended for improving P availability, pearl millet PUE and fodder yield in alkaline-calcareous soils.</p>