Objective The effects of AM fungi on the growth of Bupleurum chinense were investigated by inoculation Glomus mosseae, G. caledonium, and the two fungal mixture under different phosphorus levels. Methods Pot culture and experimental analyses were carried out. Results Mycorrhizal infection rate could be promoted by inoculation and increased phosphorus content of plant and root dry weight; the content of chlorophyll, carotenoids, and soluble sugar of leaf was higher than that of controlled plant, and the soluble sugar content of plant root by inoculation the two fungal mixtures were lower than that of controlled plant. The inoculation effect of AM fungi was closed related to AM fungal species and phosphorus applied levels, which was the best under 0.1—0.3 g/kg P_2O_5 soil. Conclusion The growth of host plant and using rate of phosphorus fertilizer can be promoted by inoculation of AM fungi.