AbstractRecent studies have shown the potential for negative plant–soil feedbacks (PSFs) to promote stable coexistence, but have not quantified the stabilizing effect relative to other coexistence mechanisms. We conducted a field experiment to test the role of PSFs in stabilizing coexistence among four dominant sagebrush steppe species that appear to coexist stably, based on previous work with observational data and models. We then integrated the effects of PSF treatments on focal species across germination, survival, and first‐year growth. To contribute to stable coexistence, soil microbes should have host‐specific effects that result in negative feedbacks. Over two replicated growing seasons, our experiments consistently showed that soil microbes have negative effects on plant growth, but these effects were rarely host‐specific. The uncommon host‐specific effects were mostly positive at the germination stage, and negative for growth. Integrated effects of PSF across early life‐stage vital rates showed that PSF‐mediated self‐limitation occasionally had large effects on projected plant biomass, but occurred inconsistently between years. Our results suggest that while microbially‐mediated PSF may not be a common mechanism of coexistence in this community, it may still affect the relative abundance of dominant plant species via changes in host fitness. Our work also serves as a blueprint for future investigations that aim to identify underlying processes and test alternative mechanisms to explain important patterns in community ecology.