An experiment was conducted to assess the effect of Mycorrhiza product (endo/ectomycorrhiza) along with microbial consortium (MC) containing Azotobacter spp (N fixer) and phosphate-solubilizing bacteria (Pseudomonas spp) and Enterobacter spp (K solubilizer) with and without recommended dose of fertilizer dose (RDF) for sugarcane plant and ratoon crops in subtropical India. The effect of various treatment combinations was recorded on soil quality parameters, tillering pattern, dry matter accumulation of sugarcane (plant) and ratoon crops and soil microbial population after the sugarcane (plant)–ratoon cycle was completed. Applying Mycorrhiza product at 50/kg/ha + MC + RDF in plant and ratoon crops accumulated dry matter 36.88 t/ha and 31.38 t/ha, respectively, and was found at par with Mycorrhiza product100 + MC + RDF (39.51 t/ha and 33.95 t/ha in plant and ratoon crops, respectively). A higher rate of increase in P (10.67 kg/ha) was recorded in the soil after harvesting of ratoon crop than initial status (16.47 kg/ha). Mean SMBC after harvesting of sugarcane plant crop was recorded as 150.9 µg C/g soil vis-à-vis 221.3 µg C/g soil after harvest of ratoon crop. Applying Mycorrhiza product at 100 kg/ha + MC + RDF produced a mean sugarcane yield of 99.03 t/ha. Individual cane length also improved up to 283 cm with Mycorrhiza product100 + MC + RDF (T4) application. However, elongation in cane length and diameter also improved individual cane weight (962 g) by applying Mycorrhiza product100 + MC + RD. Individual cane weight in different treatments ranged from 866 to 962 g. Applying Mycorrhiza product @ 50 kg/ha along with MC and RDF was found at par with Mycorrhiza product @ 100 kg/ha along with the use of MC and RDF. Mycorrhiza product@100 kg/ha + Microbial Consortia and 100% NPK resulted in 19.31% and 16.99% higher cane yields over 100% NPK alone in sugarcane plant and ratoon crops, respectively. Applying Mycorrhiza product + MC + RDF could also improve soil microbial biomass carbon and microbial population. Thus on the basis of economics, application of Mycorrhiza product @ 50 kg/ha along with microbial consortia and recommended dose of fertilizers (RDF) was found the best option and increased the B/C ratio (1.96 and 1.83, in plant and ratoon crops, respectively).