To explore the effects of phosphorus application on the soil nutrients and the structure and diversity of soil microbial community in rhizosphere of Fargesia response to drought stress, Fargesia and its rhizosphere soil were used as experimental materials, and a completely randomized design with two factors of two watering (well-watered and water-stressed) and two P regimes (with and without P fertilization) was arranged. The results showed that:(1) Drought stress significantly reduced the contents of soil microbial biomass carbon, soil dissolved organic nitrogen and soil available phosphorus in rhizosphere of Fargesia, though it had no significant impact on soil microbial community diversity in rhizosphere of Fargesia, obviously decreased the total PLFA contents (phospholipid fatty acid contents), the PLFA contents of fungi, bacteria, Gram-positive bacteria and Gram-negative bacteria and it also decreased the PLFA ratios of Gram-positive bacteria/Gram-negative bacteria and fungi/bacteria, which significantly changed soil microbial community structure in rhizosphere of Fargesia and resultantly reduced the biomass of Fargesia. (2) Phosphorus application significantly increased the contents of soil microbial biomass carbon and soil available phosphorus in rhizosphere of Fargesia, it had no significant effect on soil microbial community diversity in rhizosphere of Fargesia, but significantly increased the contents of the total PLFA and fungi PLFA in rhizosphere of Fargesia. To a certain extent, it enhanced the PLFA contents of bacteria, Gram-positive bacteria, Gram-negative bacteria and actinomycetes and it also increased the PLFA ratios of Gram-positive bacteria/Gram-negative bacteria and fungi/bacteria. To some extent, it improved soil microbial community structure in the rhizosphere of Fargesia, and then improved the growth of droughty Fargesia. (3) The principal component analysis showed that drought had a significant impact on soil microbial community structure in rhizosphere of Fargesia, but phosphorus application had not. (4) Correlation analysis indicated that rhizosphere soil microbial community structure of Fargesia was significantly and positively correlated with rhizosphere soil microbial biomass carbon, rhizosphere soil dissolved organic nitrogen and biomass of Fargesia. In summary, drought reduced soil nutrients and soil microbial biomasses in rhizosphere of Fargesia, changed soil microbial community structure, and thus inhibited the growth of Fargesia; phosphorus application could enhance soil nutrients and soil microbial biomasses in rhizosphere of droughty Fargesia, improve soil microbial community structure in rhizosphere of droughty Fargesia, and then improve the growth of droughty Fargesia.