Conservation practices that reduce nutrient and soil loss from agricultural lands to water are fundamental to watershed management programs. Avoiding trade-offs of conservation practices is essential to the successful mitigation of watershed phosphorus (P) losses. We review documented trade-offs associated with conservation practices, particularly those practices that are intended to control and trap P from agricultural sources. A regular theme is the trade-off between controlling P loss linked to sediment while increasing dissolved P losses (no-till, cover crops, vegetated buffers, constructed wetlands, sediment control basins). A variety of factors influence the degree to which these trade-offs occur, complicated by their interaction and uncertainties associated with climate change. However, acknowledging these trade-offs and anticipating their contribution to watershed outcomes are essential to the sustainability of conservation systems.