Biofertilizers with phosphate-solubilizing microorganism (PSM) inoculations have been suggested to diminish the limitation of phosphorus (P) deficiency in plants. However, their applications in agriculture are restricted due to the inconstant effects of various PSMs. Proper carriers for the inoculations may overcome this shortcoming and improve PSMs’ effectiveness. The objective of this study was to investigate whether straw compost, a type of organic material, can act as a carrier for improving the efficiencies of phosphate-solubilizing bacteria and fungi named Acinetobacter sp. and Aspergillus niger, respectively, in soils. We monitored the growth and cellular physiological responses of one type of model plants, named perennial ryegrass (Lolium perenne L.), under four soil treatments, including non-fertilization, PSM inoculation alone, straw compost addition alone, and the combined applications of both PSMs and straw compost. We found the combined treatments significantly improved the growth by 14.7% for shoot height and 79.7% for shoot weight, respectively, on average. P and potassium (K) uptakes of ryegrass were also increased by 102.5% and 65.3%, respectively, after the application of both PSMs and straw compost. Furthermore, physiological properties, such as photosynthetic efficiency and P-transportation capacity, of ryegrass were also significantly improved under combined treatments when compared to other treatments, regardless of the types of PSM included. The piecewise structural equation model further indicated that PSM inoculation and straw compost input are synergistically contributing to the nutrient uptake of ryegrass through many direct and indirect ways. We propose that straw compost is a good carrier material for PSMs’ survival and would improve their plant growth promotion ability in soil. Our results provide valuable insights into the exploitation and utilization of P-biofertilizers in agriculture.