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Data from modern and ancient marine sediments demonstrate that burial of the limiting nutrient phosphorus is less efficient when bottom waters are low in oxygen. Mass-balance calculations using a coupled model of the biogeochemical cycles of carbon, phosphorus, oxygen, and iron indicate that the redox dependence of phosphorus burial in the oceans provides a powerful forcing mechanism for balancing production and consumption of atmospheric oxygen over geologic time. The oxygen-phosphorus coupling further guards against runaway ocean anoxia. Phosphorus-mediated redox stabilization of the atmosphere and oceans may have been crucial to the radiation of higher life forms during the Phanerozoic.