Anthropogenic eutrophication is known to impair the diversity and stability of aboveground community, but its effects on the diversity, composition and stability of belowground ecosystems are not yet fully understood. In this study, we conducted a 9-year nitrogen (N) and phosphorus (P) addition experiment in a semi-arid grassland of Northern China to elucidate the impacts of nutrients addition on soil fungal diversity, functional guilds, and co-occurrence networks. The results showed that N addition significantly decreased soil fungal diversity and altered fungal community composition, whereas P addition had no impact on them. The relative abundance of arbuscular mycorrhizal fungi and leaf_saprotroph were reduced by N and P addition, but P addition enhanced the abundance of saprotrophic fungi. Co-occurrence network analysis revealed that N addition destabilized fungal network complexity and stability, while P addition slightly increased the network complexity. Additionally, the network analysis of N × P interaction revealed that P addition mitigated negative effects of N addition on network complexity and stability. Structural equation modeling (SEM) results suggested that nutrients addition directly or indirectly influenced the fungal community structure through the loss of plant richness and the increase of perennial grass biomass. These findings indicate that in comparison to P addition, N addition exhibits a pronounced negative effect on soil fungal communities. Our findings also suggest that changes in plant functional groups under nutrients deposition are pivotal in shaping soil fungal community structure in semi-arid grassland and highlight the need for a better understanding of the belowground ecosystem dynamics. Display omitted •N addition decreased fungal diversity and altered community composition.•N addition destabilized, while P addition promoted fungal network stability.•Nutrients addition reduced the abundance of AMF.•Changes in perennial grasses and plant richness were responsible for alteration in soil fungi.•Soil fungi in semi-arid grassland was more sensitive to N rather than P addition.