Arbuscular mycorrhizal fungi (AMF) and plant growth-promoting rhizobacteria (PGPR) are able to provide key ecosystem services, protecting plants against biotic and abiotic stresses. Here, we hypothesized that a combination of AMF (Rhizophagus clarus) and PGPR (Bacillus sp.) could enhance P uptake in maize plants under soil water stress. A microcosm experiment using mesh exclusion and a radiolabeled phosphorus tracer ( P) was installed using three types of inoculation: i) only AMF, ii) only PGPR, and iii) a consortium of AMF and PGPR, alongside a control treatment without inoculation. For all treatments, a gradient of three water-holding capacities (WHC) was considered i) 30% (severe drought), ii) 50% (moderate drought), and iii) 80% (optimal condition, no water stress). In severe drought conditions, AMF root colonization of dual-inoculated plants was significantly lower compared to individual inoculation of the AMF, whilst P uptake by dual-inoculated plants or plants inoculated with bacteria was 2.4-fold greater than the uninoculated treatment. Under moderate drought conditions the use of AMF promoted the highest P uptake by plants, increasing it by 2.1-fold, when compared to the uninoculated treatment. Without drought stress, AMF showed the lowest P uptake and, overall, plant P acquisition was lower for all inoculation types when compared to the severe and moderate drought treatments. The total shoot P content was modulated by the water-holding capacity and inoculation type, with the lowest values observed under severe drought and the highest values under moderate drought. The highest soil electrical conductivity (EC) values were found under severe drought in AMF-inoculated plants and the lowest EC for no drought in single or dual-inoculated plants. Furthermore, water-holding capacity influenced the total soil bacterial and mycorrhizal abundance over time, with the highest abundances being found under severe and moderate drought. This study demonstrates that the positive influence of microbial inoculation on P uptake by plants varied with soil water gradient. Furthermore, under severe stress conditions, AMF invested more in the production of hyphae, vesicles and spore production, indicating a significant carbon drain from the host plant as evidenced by the lack of translation of increased P uptake into biomass. Therefore, under severe drought the use of bacteria or dual-inoculation seems to be more effective than individual AMF inoculation in terms of P uptake by plants, while under moderate drought, the use of AMF stood out. [Abstract copyright: Crown Copyright © 2023. Published by Elsevier GmbH. All rights reserved.]