Plant roots aid the growth and functions of several kinds of microorganisms such as plant growth-promoting rhizobacteria, mycorrhizal fungi, endophytic bacteria, actinomycetes, nematodes, protozoans which may impart significant impacts on plant health and growth. Plant soil–microbe interaction is an intricate, continuous, and dynamic process that occurs in a distinct zone known as the rhizosphere. Plants interact with these soil microbes in a variety of ways, including competitive, exploitative, neutral, commensal, and symbiotic relationships. Both plant and soil types were found to have an impact on the community diversity and structure of the rhizosphere, or vice versa. The diversity of microorganisms in soil is thought to be essential for the management of soil health and quality because it has different plant growth-promoting or biocontrol effects that could be very advantageous for the host plant and alter plant physiology and nutrition. The composition of microbial community is influenced by soil and plant type. Besides these beneficial microbes, the soil also harbors microorganisms that are detrimental to plants, competing for nutrients and space, and causing diseases. Numerous microorganisms have antagonistic activity and the ability to defend plants from soil-borne diseases. The study of the soil microbiome is essential for formulating strategies for transforming the rhizosphere to the benefit of the plants. This review pays special emphasis on the types of microbial populations in the soil and how they influence plant growth, nutrient acquisition, inter-relationships between soil microbes and plants, stress resistance, carbon sequestration, and phytoremediation.