Phosphate (Pi) availability is a major factor determining growth and consequently the productivity of crops. However it is one of the least available macronutrient due to its high fixation in the rhizosphere. To overcome this constraint, plants have developed adaptive responses to better acquire, utilize and recycle Pi. Molecular determinants of these adaptive mechanisms include transcription factors (TFs) that play a major role in transcriptional control thereby regulating genome-scale networks. In this study, we have characterized the biological role of AtERF070, a Pi-starvation induced ethylene response factor belonging to AP2/ERF family of TFs in Arabidopsis thaliana. It is localized to the nucleus and induced specifically in Pi-deprived roots and shoots. RNAi mediated suppression of AtERF070 led to augmented lateral root development resulting in higher Pi accumulation. Whereas, there were reductions in both primary root length and lateral root number in 12d-old transgenic seedlings overexpressing AtERF070. When the overexpressing lines were grown to maturity under green house conditions they revealed a stunted bushy appearance that could be rescued by gibberellic acid application. Further, a number of Pi-starvation responsive genes were modulated in AtERF070 overexpressing and RNAi lines thereby suggesting a potential role for this TF in maintaining Pi homeostasis.