Phosphorus (P) stands as a pivotal macroelement in relation to the growth of plants. It plays a significant role in physiological processes, as components of biofilms and nucleotides, and in metabolic activities within plants. The deprivation of phosphorus detrimentally impacts the growth and developmental of plants. However, the rhizosphere’s beneficial fungi and bacteria augment the efficacy of phosphorus uptake, participate in the molecular regulation of phosphorus, stimulate physiological alterations in plants, and facilitate signal transmission. In order to give readers a better understanding of the effects and positive roles of soil beneficial fungi and bacteria in regulating plant phosphorus acquisition and transport, this present review introduces the role and influence of rhizosphere microorganisms (fungi and bacteria) in assisting plant phosphorus absorption, and summarizes the key phosphorus transporters found in their interaction with plants. Using mixed microbial populations as composite microbial fertilizers has a positive effect on plants under phosphorus-deficiency conditions. It will be conducive to a better understanding of the mutualistic relationship between fungi, bacteria, and plants to provide a way to reduce the application of phosphorus fertilizers efficiently, and to provide a research background for the development of microbiological fertilizers.