Although the environmental impact of ozone (O3) has been widely investigated, there have been few studies about the effect of O3 on underground processes, especially soil microbial communities. This study aimed to investigate O3 effects on the soil microbial community structure and function in a rice paddy field, China. There were three treatments within open‐top chambers: charcoal‐filtered air (CF as a check treatment), CF plus 100 nL O3 L−1 (O3−1), and CF plus 150 nL O3 L−1 (O3−2). Soil samples were collected in August, September, and October to assess microbial biomass C, community‐level physiological profiles (CLPPs), and phospholipid fatty acids (PLFAs) of soil microbes. The results showed that soil microbial biomass under elevated O3 concentration was statistically significantly decreased compared with the check treatment in October. Soil microbial functional indices including average well color development, richness, and Shannon diversity were significantly decreased by elevated O3 in September. Principal components analysis of CLPP data showed that elevated O3 significantly changed the C sources utilization pattern of microbes in September (Principle Component 1, P < 0.05). During all growing stages, elevated O3 had significant effects on soil microbial composition expressed as PLFA percentage, which indicated that PLFA was more sensitive than CLPP for study of the microbial community. The stress indicators, including the ratio of saturated to unsaturated fatty acids and the ratio of cyclopropyl fatty acids to their precursors, such as cy17:0 to 16:1ω7c, also increased under elevated O3 exposure.