In this paper, we report fabrication and investigation of ytterbium-doped phosphorsilicate fiber (P co-doped YDF) with high Yb content, low numerical aperture, and low background loss. The P co-doped YDF is fabricated by MCVD using the vapor sources of Yb, SiCl4, AlCl3, and POCl3, and by the gas-phase doping method. The optical properties of this P co-doped YDF are compared with Al co-doped and Al:P co-doped YDFs with low background losses. The minimum background loss of the P co-doped YDF in the spectral range from 1100 to 1380 nm is as low as ~3 dB/km. This is nearly independent of the Yb and P contents because soot deposition and collapsing conditions are properly optimized (i.e., the P co-doped YDF from a non-optimized process shows a few hundred dB/km). The excess loss induced by PD, for the P co-doped YDF, was dramatically reduced compared to both Al co-doped and Al:P co-doped YDFs. The optical slope efficiency of the P co-doped YDF is about 80%, depending on the pumping wavelength and fiber length. The fiber colors during pumping are blue for both the P co-doped and Al:P co-doped YDFs. Based on the results from a prolonged test, the output power of the P co-doped YDF is highly stable, with an initial degradation of 2-3%; which demonstrate improvement in PD resistivity with P incorporation into the glass, compared to the Al:P co-doped YDF with degradation above 6%.