Soil nutrient transformation and the microbial metabolism are primarily regulated by soil microorganisms, including fungi and bacteria, which exhibit distinct growth patterns, energy substrate utilization, and survival strategies. Despite their significance, our understanding of the key microorganisms governing the soil microbial metabolism and multifunctionality in subtropical woodlands remains limited. To address this knowledge gap, we conducted a large-scale investigation and assessment of the soil microbial metabolic limitation and soil multifunctionality in Camellia oleifera Abel and Pinus massoniana Lamb. woodlands in subtropical China. Our results reveal that the microbial phosphorus limitation was more severe in C. oleifera compared to P. massoniana woodlands. Nonetheless, the pattern of carbon metabolic limitation for microbes and soil multifunctionality was similar in both types of woodland. Specifically, the microbial carbon limitation was positively associated with both bacterial and fungal richness, while the microbial phosphorus limitation was significantly correlated with fungi including the richness and community structure in the P. massoniana woodland. By contrast, we did not observe significant correlations between microbial metabolic limitation indices and microbial parameters in C. oleifera woodlands. Regarding soil multifunctionality, the results reveal a strong positive correlation between the soil multifunctionality and fungal community in both P. massoniana and C. oleifera woodlands. Furthermore, our structural equation modeling revealed that the soil fungal community, rather than the bacterial community, had a significant effect on the microbial metabolic limitation and soil multifunctionality. Overall, our study provides profound insights into the relative importance of bacterial and fungal communities in shaping the soil microbial metabolic limitation and soil multifunctionality in subtropical woodlands. The findings of our study have important implications for the management and conservation of subtropical woodlands.