More than 80% of land plant species can form symbioses with arbuscular mycorrhizal (AM) fungi, and nutrient transfer to plants is largely mediated through this partnership. Over the last few years, great progress has been made in deciphering the molecular mechanisms underlying the AM-mediated modulation of nutrient uptake progress, and a growing number of fungal and plant genes responsible for the uptake of nutrients from soil or transfer across the fungal–root interface have been identified. In this review, we outline the current concepts of nutrient exchanges within this symbiosis (mechanisms and regulation) and focus on P and N transfer from the fungal partner to the host plant, with a highlight on a possible interplay between P and N nutrient exchanges. Transporters belonging to the plant or AM fungi can synergistically process the transmembrane transport of soil nutrients to the symbiotic interface for further plant acquisition. Although much progress has been made to elucidate the complex mechanism for the integrated roles of nutrient transfers in AM symbiosis, questions still remain to be answered; for example, P and N transporters are less studied in different species of AM fungi; the involvement of AM fungi in plant N uptake is not as clearly defined as that of P; coordinated utilization of N and P is unknown; transporters of cultivated plants inoculated with AM fungi and transcriptomic and metabolomic networks at both the soil–fungi interface and fungi–plant interface have been insufficiently studied. These findings open new perspectives for fundamental research and application of AM fungi in agriculture.