An economical and efficient approach to reduce the impact of P discharge by aquaculture industry is to adjust the P level in fish feeds to the precise nutrient requirement at different growth stages in a digestible nutrient basis. However, P requirement seems to be species specific and affected by several physiological, dietary and environmental factors. Based on the importance of tambaqui (Colossoma macropomum) to Latin American aquaculture, we designed a 63-day trial to evaluate the effect of available P (AP) levels on growth, nutrient digestibility, haematology and blood biochemical parameters, carcass proximate composition and bone mineralization. Quadruplicate groups of tambaqui juveniles (144 ± 2.0 g) were fed five isonitrogenous (278 g kg−1 digestible protein) and isocaloric (13.5 Mj DE kg−1) diets containing graded AP levels (3.0, 5.6, 7.5, 9.1 and 11.0 g kg−1) following a completely randomized design. Dicalcium phosphate (DCP) was used as the main P source. No mortalities and signs of P deficiency were observed among the dietary treatments. A remarkably high P digestibility was observed in all plant-based diets with a tendency of decreasing P digestibility with the increase in total P levels. Tambaqui seems to be able to grow well without inorganic P supplementation during the trials; however, this species required 7.0 g AP kg−1 diet for proper bone mineralization. P supplementation had a limited effect on haematology and blood biochemistry of tambaqui. Ecological implications of natural feeding habit and evolutionary position of this species are further discussed, and new hypothesis are drawn based on our results.