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Agricultural systems are particularly impacted by global climate change (CC), responsible for the introduction of multiple environmental stressors negatively affecting plant growth. Soil microbial communities are crucial in agricultural practices, influencing crop performance and soil health. Human activities and CC threaten soil microbial biodiversity, leading to soil quality degradation and decreasing plant health and productivity. Among plant-beneficial microorganisms, mycorrhizal fungi are widespread in terrestrial ecosystems, including agroecosystems, and they play a key role by enhancing plants’ fitness and resilience to both abiotic and biotic stresses. Therefore, exploring the role of mycorrhizal symbiosis in sustainable agriculture has become increasingly critical. Moreover, the application of mycorrhizal bioinoculants could reduce dependence on inorganic fertilizers, enhance crop yield, and support plants in overcoming environmental stresses. This review, after briefly introducing taxonomy, morphology and mechanisms supporting the symbiosis establishment, reports the roles of mycorrhizal fungi and their associated bacteria in improving plant nutrition and mitigating CC-induced abiotic stresses such as drought and salinity, also giving specific examples. The focus is on arbuscular mycorrhizal fungi (AMF), but ericoid mycorrhizal (ErM) fungi are also considered as promising microorganisms for a sustainable agricultural model. New emerging concepts are illustrated, such as the role of AMF hyphosphere in acting as a preferential niche to host plant growth-promoting bacteria and the potential of ErM fungi to improve plant performance on Ericaceae plants but also on non-host plants, behaving as endophytes. Finally, the potential and limitations of mycorrhizal-based bioinoculants are discussed as possible alternatives to chemical-based products. To this aim, possible ways to overcome problems and limitations to their use are discussed such as proper formulations, the systematic check of AMF propagule viability and the application of suitable agronomical practices in the field.