Chinese fir (Cunninghamia lanceolata) is a cornerstone timber species in southern China. However, yet its plantation productivity frequently declines under successive rotations, threatening long-term sustainability. While belowground processes are suspected drivers, the mechanisms—particularly plant–soil–microbe interactions—remain poorly resolved. To address this, we examined a chronosequence of C. lanceolata plantations (5, 15, 20, and 30 years) in Jingdezhen, Jiangxi Province, integrating soil physicochemical assays, high-throughput sequencing, and extracellular enzyme activity profiling. We found that near-mature stands (20 years) exhibited a 60.7% decline in mean annual volume increment relative to mid-aged stands (15 years), despite continued increases in individual tree volume—suggesting a strategic shift from resource-acquisitive to nutrient-conservative growth. Peak values of soil organic carbon (32.87 g·kg⁻¹), total nitrogen (2.51 g·kg⁻¹), microbial biomass carbon (487.33 mg·kg⁻¹), and phosphorus (25.65 mg·kg⁻¹) coincided with this stage, reflecting accelerated nutrient turnover and intensified plant–microbe competition. Microbial communities shifted markedly over time: Basidiomycota and Acidobacteria became dominant in mature stands, replacing earlier Ascomycota and Proteobacteria. Random Forest and Partial Least Squares Path Modeling (PLS-SEM) identified total nitrogen, ammonium nitrogen, and total phosphorus as key predictors of productivity. PLS-SEM further revealed that stand age directly enhanced productivity (β = 0.869) via improved soil properties, but also indirectly suppressed it by stimulating microbial biomass (β = 0.845)—a “dual-effect” that intensified nutrient competition. Fungal and bacterial functional profiles were complementary: under phosphorus limitation, fungi upregulated acid phosphatase to enhance P acquisition, while bacteria predominately mediated nitrogen mineralization. Our results demonstrate a coordinated “soil–microbe–enzyme” feedback mechanism regulating productivity dynamics in C. lanceolata plantations. These insights advance a mechanistic understanding of rotation-associated decline and underscore the potential for targeted nutrient and microbial management to sustain long-term plantation yields.