The changes of microbial communities in rhizosphere and the formation of mycorrhizae play an important role in affecting the dynamics of plant communities and terrestrial ecosystems. This paper summarized and discussed the effects of elevated atmospheric CO2 on them. Under elevated atmospheric CO2, the carbohydrates accumulated in root systems increased, and the rhizospheric environment and its microbial communities as well as the formation of mycorrhizae changed. It is suggested that the researches in the future should be focused on the effects of rhizosphere microbes and arbuscular mycorrhizae on regulating the carbon dynamics of plant communities and terrestrial ecosystems under elevated atmospheric CO2.