Aims: Termites function as “soil engineers” in tropical agroforestry ecosystems. However, of their role in phosphorus (P) cycling little is known. We aimed to investigate the impact of termite activity on soil aggregate stability and P fractions at the aggregate level in a tropical rubber plantation.Methods: Fungus-growing termite mounds (active and abandoned) involving both above- and belowground locations were studied in a 24-year-old rubber stand. The mass percentage and stability of aggregates, P fractions contents and other major chemical properties of soil aggregates were measured. Aggregate-associated P preservation capacity was also calculated.Results: More aggregates < 1 mm in size were concentrated in active aboveground mounds than active belowground chambers, thus resulting in weaker stability and erosion resistance, whereas the opposite trend occurred in abandoned mounds. The concentrations of labile P (in > 2 mm aggregate size), moderately labile P (0.25–1 mm), and non-labile P (0.053–1 mm) in active aboveground mounds were significantly higher than other types. The changes in specific P forms enriched TPi in aggregates > 2 mm and TPo in 0.053–1 mm size of active aboveground mounds relative to others, implying the importance of Po storage in microaggregates induced by termite activity involved in long-term P transformation. Furthermore, middle-sized (0.25–2 mm) aggregates stored more P and represented the highest P storing capacity, especially for active belowground chambers.Conclusions: These results suggest that in the presence of termite activity, P cycling is greatly enhanced in aboveground mounds despite the poor aggregate stability, whereas P forms are stable after mound abandonment, except for a higher H2O-Pi concentration aboveground. Our study provides an important reason why mound soils can be considered as fertility amendments for agroforestry practices in P-deficient tropical soils.