Arbuscular mycorrhizal (AM) fungi protect plants against aluminum (Al) toxicity, but the mechanisms of Al and phosphorus (P) interactions in relation to Al tolerance in mycorrhizal plants are only poorly understood. In this study, varying Al and P treatments were applied to soybean plants cultivated in the presence or absence of three different AM fungi. The results showed that plants in symbiotic association with Gigaspora margarita displayed higher Al tolerance than Rhizophagus irregularis or Glomus claroideum. The effectiveness of G. margarita appeared to be associated with more abundant arbuscules and less affected intraradical hyphae compared to no Al controls. The highest levels of Al toxicity mitigation were observed with the combination of high P availability and AM fungal inoculation, which was associated with a concomitant increase in the expression of the AM-inducible phosphate (Pi) transporter gene GmPT9 in soybean. Taken together, these results suggest that AM symbiosis can alleviate Al toxicity in soybean through enhanced P nutrition, as well as, the alteration of the abundance of mycorrhizal infection structures. These findings highlight the importance of P nutrition status in ameliorating Al toxicity in mycorrhizal plants.