Elucidating the mechanisms underlying microbial biomass and extracellular enzyme activity responses to the seasonal precipitation regime during foliar litter decomposition is highly important for understanding the material cycle of forest ecosystems in the context of global climate change; however, the specific underlying mechanisms remain unclear. Hence, a precipitation manipulation experiment involving a control (CK) and treatments with decreased precipitation in the dry season and extremely increased precipitation in the wet season (IE) and decreased precipitation in the dry season and proportionally increased precipitation in the wet season (IP) was conducted in a subtropical evergreen broad-leaved forest in China from October 2020 to October 2021. The moisture, microbial biomass, and extracellular enzyme activities of foliar litter from two dominant shrub species, Phyllostachys violascens and Alangium chinense, were measured at six stages during the dry and wet seasons. The results showed that (1) both IE and IP significantly decreased the microbial biomass carbon and microbial biomass nitrogen content and the activities of β-1,4-glucosidase, β-1,4-N-acetylglucosaminidase, acid phosphatase and cellulase in the dry season, while the opposite effects were observed in the wet season. (2) Compared with those of IE, the effects of IP on foliar litter microbial biomass and extracellular enzyme activity were more significant. (3) The results from the partial least squares model indicated that extracellular enzyme activity during foliar litter decomposition was strongly controlled by the foliar litter water content, microbial biomass nitrogen, the ratio of total carbon to total phosphorus, foliar litter total carbon, and foliar litter total nitrogen. These results provide an important theoretical basis for elucidating the microbial mechanisms driving litter decomposition in a subtropical forest under global climate change scenarios.