SummaryPhosphate (Pi) transporters mediate acquisition and transportation ofPi within plants. Here, we investigated the functions ofOsPht1;4(OsPT4), one of the 13 members of thePht1 family in rice. Quantitative real‐timeRT‐PCRanalysis revealed strong expression ofOsPT4in roots and embryos, andOsPT4promoter analysis using reporter genes confirmed these findings. Analysis using rice protoplasts showed thatOsPT4 localized to the plasma membrane.OsPT4complemented a yeast mutant defective inPi uptake, and also facilitated increased accumulation of Pi inXenopusoocytes. Further,OsPT4genetically modified (GM) rice lines were generated by knockout/knockdown or over‐expression ofOsPT4.Pi concentrations in roots and shoots were significantly lower and higher in knockout/knockdown and over‐expressing plants, respectively, compared to wild‐type under various Pi regimes.33Pi uptake translocation assays corroborated the altered acquisition and mobilization ofPi inOsPT4GMplants. We also observed effects of altered expression levels ofOsPT4inGMplants on the concentration ofPi, the size of the embryo, and several attributes related to seed development. Overall, our results suggest thatOsPT4encodes a plasma membrane‐localizedPi transporter that facilitates acquisition and mobilization ofPi, and also plays an important role in development of the embryo in rice.