Different types of mulching film could variously influence soil properties and plant growth. Yet, surprisingly few studies have investigated the effects of mulching film upon soil microbial diversity and community structure. In this research, two kinds of mulching film, a traditional PE (polyethylene) mulching film and a degradable PBAT ((Poly [butyleneadipate-co-terephthalate])) mulching film, were applied to cotton (Gossypium spp.) plants grown in Xinjiang Province, China. The respective influence of the two mulching films on the cotton’s soil microbial (bacteria and fungi) diversity and community were investigated. The results showed that applying the PBAT mulching film could significantly alter the diversity of non-rhizosphere soil fungi when compared to using the PE mulching film. However, neither the PE nor PBAT mulching film had any significant influence on the diversity of soil bacteria and rhizosphere soil fungi. Nevertheless, soil microbial community composition differed under the PBAT mulching film treatment vis-à-vis the PE mulching film treatment. The abundance of Gibellulopsis was higher under the PBAT than PE mulching film treatment. Our study’s findings provided an empirical basis for the further application of degradable PBAT mulching film for the sustainable development of cotton crops.