To thrive in nutrient-poor waters, coral reefs must retain and recycle materials efficiently. This review centers microbial processes in facilitating the persistence and stability of coral reefs, specifically the role of these processes in transforming and recycling the dissolved organic matter (DOM) that acts as an invisible central currency in reef production, nutrient cycling, and organismal interactions. The defining characteristics of coral reefs, including high productivity, balanced metabolism, high biodiversity, nutrient recycling efficiency, and structural complexity, are inextricably linked to microbial processing of DOM. The composition of microbes and DOM in reefs is summarized, and the spatial and temporal dynamics of biogeochemical processes carried out by microorganisms in diverse reef habitats are explored in a variety of key reef processes, including decomposition, accretion, trophic transfer, and macronutrient recycling. Finally, we examine how widespread habitat degradation of reefs is altering these important microbe–DOM interactions, creating feedbacks that reduce reef resilience to global change. Expected final online publication date for the Annual Review of Marine Science, Volume 15 is January 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.