Asparagus cochinchinensis (Lour.) Merr. (Chinese asparagus) is a trailing plant used in Chinese traditional medicine with major bioactive compounds concentrated in the rhizome. Rhizome rot, a major disease of A. cochinchinensis, affects plants during propagation, after harvest, and during storage. High-throughput sequencing and culture techniques were used to identify causal pathogenic fungi. Sequences of amplicons obtained from symptomatic and asymptomatic rhizomes revealed that the richness and diversity index of the endophytic fungal community was significantly greater in asymptomatic rhizomes than in symptomatic rhizomes (p < 0.05), indicating that the fungal community undergoes a compositional shift during the development of rhizome decay. A total of 32 and 51 fungal isolates were identified in asymptomatic and symptomatic rhizomes, respectively. Among them, Aspergillus niger, A. flavus, Penicillium venetum, P. crustosum, Fusarium equiseti, F. oxysporum, Irpex lacteus and Chaetomium globosum were common to both asymptomatic and symptomatic rhizomes. Neodeightonia subglobosa, Neurospora tetrasperma, Trichoderma harzianum, Talaromyces pinophilus, and A. terreus were only detected in symptomatic rhizomes. Importantly, T. pinophilus, T. harzianum, A. terreus, N. tetrasperma, and I. lacteus isolated from symptomatic rhizomes were non-pathogenic, while the remaining eight species, A. niger, A. flavus, P. venetum, P. crustosum, F. equiseti, F. oxysporum, N. subglobosa, and C. globosum, were capable of inducing prominent symptoms of rhizome soft rot in Asparagus cochinchinensis. Co-inoculation with any two of the three species—A. niger, F. equiseti, and P. venetum—significantly increased soft rot development after 7 dpi (p < 0.05). Notably, T. harzianum exhibited biocontrol activity against A. niger, F. equiseti, and P. venetum in dual-culture tests. T. harzianum also exhibited strong inhibitory activity against Fusarium wilt, suggesting the use of T. harzianum as a potential biocontrol agent for managing rhizome decay and wilt in Chinese asparagus. Our data indicate that the endophytic community of A. cochinchinensis rhizomes contains pathogenic, non-pathogenic, and probiotic fungi. Furthermore, our study provides a microbiological foundation for understanding rhizome rot in A. cochinchinensis and developing targeted biocontrol strategies against rhizome rot.