Zinc (Zn) is an important micronutrient for plants, whose deficiency in alkaline soils creates hurdles in the achievement of optimum crop growth. Moreover, overuse of phosphorus (P) fertilizers often causes Zn immobilization in the soil. The employment of arbuscular mycorrhizal fungi (AMF) could be potentially environmentally friendly technology in this regard. Therefore, a pot experiment was conducted to assess the beneficial role of AMF (Glomus species) on maize under low and high P and Zn levels. Seven levels of Zn (0, 20, 40, 60, 80, 100 and 120 mg Zn kg−1 soil ZnSO4·7H2O) and three levels of P (0, 14.5, 29 and 58 kg ac−1 as single superphosphate) were applied with (M+) and without AMF (M−). The results showed that a high application rate of Zn (100 and 120 mg Zn kg−1 soil) restricted P translocation in plants and vice versa. Moreover, the nutritional status of mycorrhizal plants (AM) was better than non-mycorrhizal (NM) plants. AM plants showed a maximum positive response at 20 mg Zn kg−1 soil, or 29 kg P ac−1. In response to 20 mg Zn kg−1 soil, root colonization was maximum, which enhanced the maize nutrient concentration in shoots. In conclusion, AMF inoculation (M+) with P (29 kg ac−1) and Zn (20 mg kg−1) is efficacious for improving maize’s growth and nutrition. More investigations are suggested at the field level under different agroclimatic zones to ascertain whether P (29 kg ac−1) or Zn (20 mg kg−1) with AMF is the best treatment for maize growth optimization.