Arbuscular mycorrhizal fungi living in the soil closely collaborate with plants in their root zone and play very important role in their evolution. Their symbiosis stimulates plant growth and resistance to different environmental stresses. Plant root system, extended by mycelium of arbuscular mycorrhizal fungi, has better capability to reach the water and dissolved nutrients from a much larger volume of soil. This could solve the problem of imminent depletion of phosphate stock, affect plant fertilisation, and contribute to sustainable production of foods, feeds, biofuel, and raw materials. Expanded plant root systems reduce erosion of soil, improve soil quality, and extend the diversity of soil microflora. On the other hand, symbiosis with plants affects species diversity of arbuscular mycorrhizal fungi and increased plant diversity supports diversity of fungi. This review summarizes the importance of arbuscular mycorrhizal fungi in relation to beneficial potential of their symbiosis with plants, and their function in the ecosystem.