Sugar beet (Beta vulgaris L.) is an important economic crop and a primary source of sugar in northern China, characterized by strong stress tolerance and high nutritional value. Microbial inoculants can promote crop growth by regulating soil enzyme activities, enriching dominant beneficial bacterial genera in rhizosphere soil, and improving the availability of soil nutrients. This study aimed to investigate the role of microbial inoculants in sugar beet production and their potential to replace chemical fertilizers and put forward the scientific hypothesis that microbial inoculants can increase soil nutrients and improve the soil microenvironment. A two-year field experiment was conducted: in 2022, treatments with different application rates of Bacillus subtilis and Trichoderma spp. inoculants were set up to screen the optimal inoculant and its dosage (M1); in 2023, based on this optimal inoculant (M1), treatments with reduced chemical fertilizer input were established to explore the mechanisms underlying the maintenance of sugar beet yield and quality. The results showed that the M1N2 (75 kg/ha fertilizer and 20% less nitrogen fertilizer) treatment significantly increased nitrogen, phosphorus, and potassium agronomic use efficiencies by 91.48%, 51.94%, and 53.50%, respectively, compared with the control (CK). Soil urease, catalase, and sucrase activities were significantly enhanced by 14.57%, 66.84%, and 222.46%, respectively. The treatment also significantly increased the relative abundance of beneficial bacterial genera such as JG30-KF-CM45 and KD4-96, while sugar beet yield was significantly increased by 5.53% relative to the CK. This study provides a theoretical basis for the application of microbial inoculants and the reduction in chemical fertilizers in sugar beet production.