Phytoremediation using Miscanthus is a valuable technique for the restoration of saline‐alkaline soil, but the potential is not quantified. To assess this potential, a 5 years field experiment was conducted on saline‐alkaline soils with three genotypes of Miscanthus and an unplanted control. The bulk soil (0–20‐cm depth) physicochemical properties were measured annually from 2015 to 2018, while the bacterial and fungal community structures of the rhizosphere soil were investigated by high‐throughput sequencing after 5 years under Miscanthus (2018). The results showed that Miscanthus cultivation on saline‐alkaline soil reduced soil salinization and improved soil fertility on this site. Specifically, compared with the blank control, the five‐years Miscanthus cultivation (mean of three different genotypes pooled) decreased the soil pH by 0.33 units (8.78–8.45) and electrical conductivity by 23.4 μS/cm (226.7–203.3 μS/cm), as well as increasing soil organic matter content from 18.9 to 34.9 g/kg and total potassium content from 15.2 to 18.0 g/kg. In addition, the soil improvement was more pronounced with a longer duration of growth. Miscanthus remediates saline‐alkaline soils by altering the microbial community compositional abundance rather than its diversity. The improvement is due to enrichment of beneficial bacteria leading to soil desalinization (e.g., by Gemmatimonadaceae), litter decomposition (e.g., by Chitinophagaceae), plant growth promotion (e.g., by Micrococcaceae), and the reduction of harmful fungi (e.g., Pleosporales and Chitinophagaceae). Soil pH, electrical conductivity, organic matter, and total potassium were the main physicochemical properties affecting bacterial and fungal communities. Our results quantify the soil improvement potential of Miscanthus and clarify the underlying microbial mechanisms, laying a solid foundation for further implementation of saline‐alkaline soil phytoremediation using Miscanthus. In the future, more extensive multi‐location trials are required to assess if these improvements are seen across a wide diversity of environments.