The return of mushroom residue to the field is an effective measure to improve soil fertility and maintain agroecosystem productivity. We investigated the effects of returning Auricularia auricula residue to the field on the soil nutrients, enzyme activities, and microbial communities in rice–A. auricula rotation farmland. The return of 67.5 ton/ha A. auricula residue to the field significantly increased the contents of ammonium nitrogen, total nitrogen, total potassium, total phosphorus, available potassium (QK), available phosphorus, and organic matter by 180.49%, 70.41%, 16.3%, 54.35%, 137.33%, 38.84%, and 59.29%, respectively. The activities of urease, sucrase, β-glucosidase (β-GC), and acetyl-β-d-glucosidase significantly increased by 32.98%, 407.78%, 206.85%, and 186.26%, respectively; catalase and leucine aminopeptidase activities increased by 244.42% and 130.90% with the return of 54 ton/ha residue. Mushroom residue return increased the Chao1 and Shannon indices of the bacterial community but decreased the diversity of the fungal community. Redundancy analysis showed that QK, β-GC, and urease were closely associated with shifts in microbial community structure. Therefore, returning 67.5 ton/ha (149,925 bags) A. auricula residue to the field can enhance soil ecological functions by improving soil nutrients, enzyme activities, and microbial community structure.