This study aims to establish the relationship between ambient parameters and the diversity, composition, and function of microbial communities that predominate at each stage of the co-composting of food and agricultural waste. Culture-based and culture-independent methods were used to investigate the changes in the microbiota. The favorable conditions of high initial humidity and C/N ratio caused a decrease in the richness and biodiversity of the microbiota when such conditions existed. During the thermophilic stage, the total microbial number increased, and active mineralization of organic matter was carried out by members of the genera Bacillus, Caldibacillus, Aspergillus, and Penicillium. The fungal community was sensitive to drastic temperature changes. Byssochlamys dominated among fungi during the transition from the mesophilic to the thermophilic stage and during cooling. The biodiversity increased with time and was associated with the dynamics of germination and nitrification indices, so that the more diverse the microbial community, the higher the properties of compost that stimulate plant growth and development. The microbial community of the mature compost, together with mineral plant nutrients ready for consumption and humic compounds, make this compost a good soil additive.