The degradation of Pinus sylvestris var. mongholica plantations in Youyu County on the Loess Plateau has caused major ecological issues, though the mechanisms remain poorly understood. This study explores the effects of stand age and soil properties on the rhizosphere fungal community and their potential roles in plantation degradation. Soil samples were collected from plantations of different stand ages (13, 20, 25, and 35 years), and their fungal diversity and composition were analyzed using high-throughput sequencing. The results showed that soil organic carbon and total nitrogen declined with stand age due to high nutrient demand and limited litter input. The available phosphorus and available potassium (AK) contents were identified as key limiting factors, influencing ectomycorrhizal fungi abundance and the overall soil fungal diversity. With an increasing stand age, the fungal diversity decreased, the ectomycorrhizal fungi declined, and the pathogenic fungi increased, exacerbating plantation degradation. Regression analysis further indicated a significant negative correlation between AK content and stand age, suggesting potassium deficiency as a critical driver of tree health decline. This study highlights the pivotal role of soil nutrient availability in shaping rhizosphere fungal communities and sustaining P. sylvestris plantations, offering insights into degradation mechanisms and strategies to enhance forest resilience on the Loess Plateau.