The excess use of chemicals by farmers in the agroecosystems degrades soil quality, disturbs soil ecology, and increases soil salinity and health hazards in humans. Stevia rebaudiana is an important medicinal and aromatic crop whose leaves contain steviol glycosides (SGs). The Bacillus safensis NAIMCC-B-02323 strain STJP from the rhizosphere of S. rebaudiana producing salicylic acid (16.80 µg/mL), chitinase (75.58 U/mL), β-1,3-glucanase (220.36 U/mL), and cellulase (170 U/mL) was taken as a plant growth-promoting rhizobacteria (PGPR). The cell-free supernatant (CFS) from strain STJP showed significant biocontrol activity against Alternaria alternata (80%), suggesting the protective role of extracellular metabolite(s) against phytopathogens. Paneer whey-based bioformulation (P-WBF) was developed to exploit B. safensis STJP to enhance the growth, nutrient uptake, soil properties, stevioside content, and SGs biosynthesis in S. rebaudiana under an A. alternata-infested field. The combined treatment of P-WBF and mycorrhiza (Glomus fasciculatum ABTEC) significantly enhanced plant growth parameters after 90 days, in comparison with control. The symbiotic action (P-WBF and mycorrhiza) displayed much better results in terms of chlorophyll a and b (improved by 132.85% and 39.80%, respectively), protein (by 278.75%), flavonoid (by 86.99%), carbohydrate (by 103.84%), antioxidant (by 75.11%), and stevioside (by 120.62%) contents in plants as compared to the untreated set. Further, the augmentation of potassium (by 132.39%), phosphorous (by 94.22%), and zinc (by 111.11%) uptake in plant tissues and soil was also observed by the application of P-WBF and mycorrhiza. The expression of UGT74G1 and UGT85C2 genes related to SG biosynthesis was upregulated (2.7- and 3.2-fold, respectively) in plants treated with P-WBF and mycorrhiza as further confirmed by the accumulation of SGs. The results suggest that the application of P-WBF and mycorrhiza not only provides an ecofriendly and sustainable solution to improve stevioside content in S. rebaudiana by a nutrient-linked mechanism but also paves the way to enhanced production of stevioside.