Abstract: This paper dealed with the effects of P fertilization and ectomycorrhizal fungal inoculation on productivity and nutrient accumulation of Eucalyptus globulus plantation in Chuxiong, Yunnan. The results showed that ectomycorrhizal fungal inoculation increased tree growth of E. globulus in early stage of the plantations. However,the effect of ectomycorrhizal fungal treatments was no significant three years after plantation establishment. P fertilization increased tree diameter and height growth. But the effect of P treatments was not significant at 4.5 years old. P fertilization increased survival rate of planted trees. The low survival rate in low P treatments could increase tree growth in late stage of the plantation. The insignificant effect of P treatments at 4.5 years old was partly due to the change of survival rate in different P treatments. P fertilization increased N, P and K accumulation in tree biomass and nutrient use efficiency in wood and biomass production. P fertilization increased P accumulation in understorey and litter, but N and K. Leaf and soil sample analysis further proved that P fertilization promoted tree growth in the early stage. The experimental results indicated that ectomycorrhizal fungal inoculation could only increase tree growth in low P treatments instead of high P treatments.