Root colonization and diversity of arbuscular mycorrhizal fungi (AMF) were analyzed in plants growing in fly ash pond. Eight species could be separated morphologically, while phylogenetic analyses after PCR amplification of the ITS region followed by RFLP and sequencing revealed seven different AM fungal sequence types. Phylogenetic analysis showed that these sequences cluster into four discrete groups, belonging to the genus Glomus and Archaeospora. Inoculation of plants with spores of AM fungal consortia (Glomus etunicatum, Glomus heterogama, Glomus maculosum, Glomus magnicaule, Glomus multicaule, Glomus rosea, Scutellospora heterogama, and Scutellospora nigra) along with colonized root pieces increased the growth (84.9%), chlorophyll (54%), and total P content (44.3%) of Eucalyptus tereticornis seedlings grown on fly ash compared to non-inoculated seedlings. The growth improvement was the consequence of increased P nutrition and decreased Al, Fe, Zn, and Cu accumulations. These observations suggested that the inoculation of tree seedlings with stress adapted AM fungi aid in the reclamation of fly ash ponds.