Arbuscular mycorrhizal fungi (AMF) and ectomycorrhizal fungi (EMF) form ubiquitous symbiotic relationships with plants through co-evolutionary processes, providing multiple benefits for plant growth, productivity, health, and stress mitigation. Mountain ecosystem multifunctionality is significantly influenced by mycorrhizal responses to climate change, highlighting the importance of understanding the complex interactions between these fungi and environmental variables. In this study, we investigated five vegetation zones across an altitudinal gradient (675–2157 m a.s.l.) in Wuyi Mountain, one of the most well-preserved mid-subtropical mountain ecosystems in eastern China. Using high-throughput sequencing, we examined the altitudinal distribution patterns, community assembly mechanisms, and network interactions of soil AMF and EMF. Our analyses demonstrated significant altitudinal variations in the composition and diversity of mycorrhizal fungal communities. AMF richness peaked in the subalpine dwarf forest at intermediate elevations, whereas EMF richness was highest in the low-altitude evergreen broad-leaved forest, showing a marked decrease in the alpine meadow ecosystem. β-diversity decomposition revealed that species turnover constituted the primary mechanism of community differentiation for both fungal types, explaining >56% of the observed variation. Stochastic processes dominated community assembly, with the relative importance of dispersal limitation and drift showing distinct altitudinal patterns. Network analysis indicated that AMF networks reached maximum complexity in evergreen broad-leaved forests, while EMF networks showed similar complexity levels in coniferous forests. Among the examined factors, soil properties emerged as the predominant driver of altitudinal variations in ecosystem multifunctionality, followed by AMF communities and climatic variables. These findings provide critical insights into the ecological functions and environmental adaptations of mycorrhizal fungi, advancing our understanding of their responses to environmental changes in mountain ecosystems and informing evidence-based conservation strategies.