Inoculation of arbuscular mycorrhizal (AM) fungi could be helpful in the sustainable management of immobile P in soil. However, their use in releasing P from alternative sources in alkaline calcareous soils has been little investigated. To explore the influence of AM fungi and P management on wheat and subsequent maize productivity, two years of field experiments were carried out at Agronomy Research Farm, The University of Agriculture Peshawar, during the Rabi season 2018-19 and 2019-20. A randomized complete block design was used to test the efficacy of different P sources {1. Single super phosphate (SSP), 2. Rock phosphate (RP), 3. Poultry manure (PM), 4. 50% SSP + 50% PM and 5. 50% RP + 50% PM} applied at the rate of 60 and 90 kg P ha^-1. These treatments were explored with and without the incorporation of AM fungi. One control treatment was used for reference. The results exhibited that AM fungi had a non-significant effect on the initial phenological stages of wheat, like days to emergence, tillering, and anthesis, but considerable variations were recorded for physiological maturity as well as physiology and yield of both wheat and succeeding maize. Different P levels also revealed a similar trend, 90 kg P ha^-1 noted better phenology, physiology, and yield of wheat and maize, however, keeping monetary and sustainability in consideration, reduced P level (60 kg ha^-1) was more convincing when explored under AM fungi application. Regarding P sources, the co-application of SSP and PM in a 50:50 ratio performed comparatively better than the rest of the sources under consideration in field trials. Conclusively, the combined application of SSP and PM at the rate of 60 kg ha^-1, along with AM fungi incorporation, provides an edge over the conventional use of synthetic P fertilizer. Moreover, AM fungi provide improved infrastructure to transfer P to plants for growth promotion under reduced P levels, and it has more potential to improve wheat yields and P uptake on a sustainable basis in P-deficient calcareous soils.