Arbuscular mycorrhizal fungi (AMF) and rhizobia play crucial roles in plant productivity, microbial community structure, and soil quality. As such, they are key organisms for achieving sustainable ecosystem development. Over time, a mutually beneficial symbiotic relationship develops between AMF and rhizobia, and this relationship is essential for effective biological nitrogen fixation and nutrient absorption. Such effective symbioses reduce reliance on chemical fertilizers, thereby facilitating sustainable agricultural practices. However, studies have shown that various environmental factors can hinder the formation of symbiotic relationships between AMF and rhizobia. Therefore, it is necessary to systematically explore the mechanism of the AMF-rhizobia interaction and the factors that affect it. On the basis of a literature review and qualitative comparative analysis, we described the process and mechanism by which plant roots released exudates to stimulate rhizobia and AMF to produce nodulation factors and mycorrhizal factors, thereby activating signaling pathways involved in the establishment of symbiotic relationships between rhizobia-AMF and plants. This review summarized the results of research on the synergism and interaction between AMF-rhizobia and plants, and the biological and abiotic factors affecting the AMF-rhizobia symbiosis and interactions. We highlighted the current gaps in knowledge related to the mechanisms of the symbiotic relationships among AMF, rhizobia, and plants, and discussed the reasons for the slow development of microbial fertilizers. Finally, we discussed future research directions at the theoretical, technical, and application levels. Further research will provide novel ideas and methods for using AMF and rhizobia to promote sustainable agricultural development.