Replanting is a widely used method for improving the health and carbon sequestration capacity of degraded forests. However, its impact on soil carbon pools remains controversial. This study investigated the effects of replanting broadleaf Phoebe bournei (Hemsl.) Yang in a typical degraded fir forest. Soil carbon content, nutrient levels, and microbial community structure and function were measured at 0, 5, 8, and 12 years after replanting. The degraded fir forests were originally limited in nitrogen and phosphorus. Phoebe bournei replanting significantly increased soil total carbon but reduced total nitrogen and phosphorus levels, resulting in increased soil carbon:nitrogen, carbon:phosphorus, and nitrogen:phosphorus ratios. Microbial biomass carbon, nitrogen, and phosphorus were all significantly reduced, whereas microbial carbon:phosphorus and nitrogen:phosphorus ratios were enhanced. Enzyme activities related to nutrient cycling and carbon decomposition (acidic invertase, polyphenol oxidase, peroxidase, urase, nitrate reductase, and acidic phosphatase activities) were significantly lowered by replanting. Microbial richness and diversity significantly increased, and microbial community composition changed significantly due to replanting. Structural equation modeling revealed the significant role of total phosphorus in microbial biomass, microbial community composition, and enzyme activity, highlighting it as the main factor accelerating soil carbon accumulation. Network analysis identified Leifsonia, Bradyrhizobium, and Mycolicibacterium members as key microbial players in the soil carbon cycle. In summary, P. bournei replanting exacerbated soil phosphorus deficiency, leading to a decrease in soil microbial biomass and changes in community structure, reduced nutrient cycling and carbon-decomposition-related enzyme activities, less litter decomposition, and increased organic carbon accumulation. These findings demonstrate the importance of nutrient limitation in promoting soil carbon accumulation and offer new insights for soil carbon regulation strategies in forestry.