Interactions among microflora and plants represent a major pillar in rhizosphere biology for improving soil fertility and crop productivity. As the most important macronutrients in soil, the availability of Phosphorous (P) and Nitrogen (N) significantly affects plant growth and yield, across crops, and around the globe. In soil, bacteria and fungi constitute the major groups of microbes, existing, both as free-living and in symbiotic/ loose associations with other living forms, which find use as biofertilizers in integrated nutrient management. Among various types of fungi, Arbuscular Mycorrhiza Fungi (AMF) comprise symbiotic fungi which form an extensively dense network of mycelia around the plant roots, and improve the soil structure and increase the uptake of water, as well as nutrients such as P, N/ micronutrients by plants. Several bacteria capable of solubilizing phosphorous mainly via releasing a wide range of organic acids and chelating metabolites are also present in free living form and in association with AMF. Such bacteria associated with AMF hyphae and spores are called as Mycorrhiza Helper Bacteria (MHB) as they help in regulating the activity and functioning of AMF. Characterization of such bacteria and developing promising combinations of AMF and MHB, can be beneficial for improving the nutrient availability in soil and stimulating plant growth. This review summarises and discusses the current knowledge on the interactions among AMF and MHB towards enhancing the availability of N and P availability, and its uptake by plants, thereby, highlighting the research gaps that need attention and in-depth research.