Large-scale screening of 848 culturable soil and endophytic filamentous fungi and yeasts for the ability to mobilize inorganic and organic P compounds was performed. Five strains of filamentous fungi having the highest level of phosphate-mobilizing ability were selected: Penicillium bilaiae Pb14, P. bilaiae C11, P. rubens EF5, Talaromyces pinophilus T14, and Aspergillus sp. D1. These strains in vitro actively solubilized Ca, Al, and Fe phosphates and Ca phytate. The amount of mobilized P negatively correlated with pH of the medium and positively correlated with fungal biomass. The proposed mechanisms for P mobilization were acidification of the medium, organic acid release, and phosphatase activity. The fungi decreased pH of the medium from 7.0 to 2.3-5.0. Ten different organic acids were produced by fungi with pyruvic acid being a major component. Acid phosphatase activity varied from 0.12 EU to 0.84 EU, and alkaline phosphatase activity varied from 0.08 EU to 0.61 EU depending on the strain. Available P concentration in soil was increased by 13-28% after introduction of the fungi. The fungi also produced phytohormones auxins, salicylic acid, and abscisic acid. All the strains, except Aspergillus sp. D1, promoted elongation and increased biomass of barley seedlings grown in soil. Shoot P concentration increased by 17-26% after inoculation with P. bilaiae Pb14, T. pinophilus T14, and Aspergillus sp. D1. It was concluded that the selected fungal strains promoted plant growth due to P mobilization and phytohormone production.