Abstract:[Objective] Vicia villosa Roth. is widely grown as important forage and green manure in Southwest China, which is beneficial to improving soil nitrogen and the yield and quality of succeeding crops. Inoculation of beneficial microorganisms is one of the important strategies to promote biological nitrogen fixation and legume crop growth. Thus, a plant growth-promoting fungus Careporia lacerata HG2011 was selected to study its effects on biological nitrogen fixation and growth of V. villosa Roth. and the underlying mechanisms. [Methods] Microbial culture, plant culture, and field trials were carried out to investigate the mobilization capacity of phosphorus and iron, metabolite composition, and interaction with Rhizobium sophorae S3 of C. lacerata and its effects on nodulation, growth, yield, quality of V. villosa Roth., and soil available phosphorus and iron. [Results] There was no mutual antagonism between C. lacerata and rhizobia. Liquid chromatography-mass spectrometry (LC-MS) analysis found that C. lacerata fermentation broth contained allelochemicals such as amino acids, organic acids, and flavonoids, which enhanced the chemotaxis and biofilm formation of rhizobia. In addition, this fungus could release gibberellins, salicylic acid, siderophores, and mobilize insoluble organic and inorganic phosphorus. In the plant culture experiment, inoculation with either C. lacerata or rhizobia alone promoted the growth of V. villosa Roth., but co-inoculation had the highest plant biomass. C. lacerata was able to colonize the roots of V. villosa Roth. and significantly increased root length, surface area, and nodule number. Field trials showed that the number of root nodules, nodule mass, nitrogenase activity, soil available iron, and phosphorus content, as well as phosphatase activity, were improved after C. lacerata inoculation. Compared with the conventional fertilization treatment, C. lacerata application increased the yield of V. villosa Roth. by 12.15%, and there were no negative effects on plant quality. [Conclusion] C. lacerata can colonize in the rhizosphere and promote nodulation, nitrogen fixation, and growth of V. villosa Roth. by secreting allelochemicals, auxin, siderophores, and mobilizing soil phosphorus and iron. C. lacerata inoculant is easy to prepare and use, which is valuable for improving the yield and quality of legume crops.