Improving the concentrations and bioavailability of micronutrients, especially iron (Fe) and zinc (Zn), in crop grains is important to alleviate their deficiencies in humans. Inoculating crops with arbuscular mycorrhizal fungi (AMF) can potentially enhance soil nutrient supply and crop yield, but the effectiveness is influenced by soil factors, particularly soil phosphorus (P) availability. A greenhouse pot experiment was conducted to evaluate the effect of a commercial AMF product on spring wheat (Triticum aestivum L.) yield and grain concentrations of Zn and Fe under different soil P addition levels (0, 5, and 20 mg P kg^–1 dry soil). Results showed that AMF inoculation significantly increased root colonization rate of wheat across all P addition levels. Wheat growth, as evidenced by dry weights of shoot and grain, was significantly enhanced by AMF and high P addition treatments. AMF inoculation did not affect grain Zn concentration, but significantly increased grain Fe concentration compared to the un-inoculated control. As expected, P addition resulted in a significant reduction in grain concentrations of Fe and Zn, primarily due to a growth dilution effect. An integrated analysis using the radar plot concludes that AMF inoculation is most effective in increasing crop yield and grain micronutrient concentrations when soil P levels are low. Importantly, while adequate P supply is crucial for maintaining crop productivity, it may decrease grain micronutrient availability without complementary strategies.