Arbuscular mycorrhizal fungi (AMF) influence plant nitrogen/phosphorus (N/P) by modifying plant N and P uptake, which further affects plant stoichiometric N/P homeostasis. Plant species and community stoichiometric N/P homeostasis can impact plant species and community stability, respectively, in response to variations of soil N and P availabilities. We investigated interspecific plant interactions via AMF in regard to plant and soil microbial N/P stoichiometry across different soil N and P availabilities induced by N and P addition (0 mg N kg−1, 25 mg N kg−1, 50 mg N kg−1, 30 mg P kg−1 and 100 mg P kg−1). We selected one dominant (Bothriochloa ischaemum; C4 grass) and one subordinate (Lespedeza davurica; legume) species in a natural grassland climax community. We examined how AMF influences stoichiometric N/P homeostasis in monoculture and mixed culture systems, and the resulting consequences for temporal stability of plant species and community in response to variations in soil N and P availability. The AMF mitigated the P limitation of soil microbial communities and decreased the degree of stoichiometric N/P homeostasis of host plants in monoculture. Through their resource‐scavenging and soil organic matter mineralisation functions, AMF enhances plant ‘luxury consumption', promoting species stability in monoculture in response to soil N and P availability variations. Compared with plants in monoculture, the interaction between B. ischaemum and L. davurica via AMF increased shoot N/P under soil N‐poor conditions, leading to an enhanced degree of stoichiometric N/P homeostasis in both plant species, especially the legume. Our results suggest that interspecific plant interaction between C4 grass and legume mediated by AMF confers an advantage in complementarity in plant N acquisition under N‐poor conditions, leading to increased stability of plant communities and better maintenance of subordinate species (legume) in response to soil N deficiency.