Biochar has a significant impact on improving soil, nutrient supply, and soil microbial amounts. However, the impacts of biochar on soil fungi and the soil environment after 30 months of cultivation experiments are rarely reported. We studied the potential role of peanut shell biochar (0% and 2%) in the soil properties and the soil fungal communities after 30 months of biochar application under different soil potassium (K) levels (100%, 80%, 60%, 0% K fertilizer). We found that biochar had a promoting effect on soil K after 30 months of its application, such as the available K, water-soluble K, exchangeable K, and non-exchangeable K; and increments were 125.78%, 124.39%, 126.01%, and 26.63% under biochar and K fertilizer treatment, respectively, compared to control treatment. Our data revealed that p_Ascomycota and p_Basidiomycota were the dominant populations in the soil, and their sub-levels showed different relationships with the soil properties. The relationships between c_sordariomycetes and its sub-level taxa with soil properties showed a significant positive correlation. However, c_Dothideomycetes and its sub-group demonstrated a negative correlation with soil properties. Moreover, soil enzyme activity, especially related to the soil C cycle, was the most significant indicator that affected the community and structure of fungi through structural equation modeling (SEM) and redundancy analysis (RDA). This work emphasized that biochar plays an important role in improving soil quality, controlling soil nutrients, and regulating fungal diversity and community composition after 30 months of biochar application.