Root exudates (REs) of wheat, containing phytosiderophores collected under iron stress conditions were used to assess the phosphorus (P) uptake and growth of soybeans. REs were applied to intercropped and monocultured soybeans. REs of wheat mobilized iron bounded P in an acid soil under monocculture system and increased P uptake of intercropped soybean. Shoot P content of intercropped soybean with REs significantly increased by 165.3% compared to that without REs at the harvest. REs also had a positive effect on shoot biomass of the intercropped soybean. Soil testing indicated that Olsen P may not be a good indicator for plant available P in acid soils.