Phytoremediation is a low-cost but highly efficient and environmentally friendly technology for heavy metal soil remediation. However, its success in soils is dependent on the chosen plant and microbes. Moreover, the effect of mycorrhizal fungi and bacteria on CO2 release, mineralization rate, and metal translocation in cadmium and lead-contaminated cattails plant is unknown. The goal of the research was to look into the effects of bacteria, mycorrhiza, and cattails on CO2 release, mineralization rate, lead (Pb), and cadmium (Cd) removal from soil. The experiment used six different combinations (mycorrhiza, bacillus 10 mL, bacillus 100 mL, mycorrhiza + bacillus 10 mL, mycorrhiza + bacillus 100 mL, and control). The results showed that combining mycorrhiza with bacillus 100 mL resulted in greater increases in CO2 release, polysaccharides content and mineralization rate (2.84 mg CO2 g−1 in dry soil, 0.90 mg, 0.021 mg C g−1 dry soil day−1). More crucially, mycorrhiza + bacillus 100 mL roots had the greatest quantities of Cd and Pb (18.26 mg kg−1 and 155.22 mg kg−1), showing that bacteria had a prominent part in the phytoextraction process. Regarding Cd, the bacillus 100 mL had the highest translocation factor (TF) (3.99) and biological accumulation factor (BAF) (75.54), indicating effective translocation and excessive Cd accumulation in the plant. Bacillus 100 and mycorrhiza + bacillus 100 had the highest Pb TF (0.49) and BAF (6.08). Ultimately, the elimination of Cd and Pb was linked to the maximum bacterial cell density, mycorrhizal activity, and CO2 emission, resulting in a unique phytoremediation in Pb-Cd contaminated cattails rhizosphere soils.