As a consequence of changing global rainfall patterns, frequent extreme droughts will significantly affect plant growth and ecosystem functions. Fine roots and arbuscular mycorrhizal fungi (AMF) both facilitate Chinese fir nutrient uptake. However, how the growth of fine roots and AMF is regulated for the Chinese fir under drought conditions is unclear. This study used a precipitation reduction treatment (−50% throughfall) to study the seasonal effects of drought on a subtropical Chinese fir plantation. The effects measured included the fine root production, root diameter, specific root length, specific surface area, root tissue density, mycorrhizal hyphal density, spore number, mycorrhizal infection rate and total glomalin. Drought had no significant effect on Chinese fir fine root production but decreased the diameter and tissue density of primary and secondary roots while increasing the specific surface area of secondary roots. Additionally, drought significantly decreased the arbuscular mycorrhizal infection rate and significantly increased hyphal density. The results showed that drought caused the decrease in root diameter, which decreased the surface area available for AMF infection and led to the increase in mycorrhizal hyphal density. Redundancy analyses showed that soil-dissolved organic carbon and nitrogen were the key factors affecting AMF. Our results show that drought could enhance the cooperative strategy of nutrient and moisture absorption by roots and mycorrhizae of the Chinese fir, improving the resistance of Chinese fir growth to drought.