Iron, an essential micronutrient for plant growth, is often found in insoluble forms in alkaline soils, leading to inadequate absorption, poor plant growth, and iron deficiency chlorosis. This study explores the effects of co-inoculation with the siderophore bacteria Lysinibacillus fusiformis (S5) and Arbuscular mycorrhizal fungi (AMF) on the iron uptake and growth of Cinnamomum camphora seedlings. The experiment included four treatment groups: a control with plain water, AMF only, S5 only, and a combined AMF+S5 group, over a three-month pot experiment. Compared to the control, the combined AMF+S5 treatment significantly enhanced root mycorrhizal colonization and spore density by 15.6% and 31.8%, respectively. Additionally, there were increases in stem thickness, plant height, and root length by 34.7%, 15.6%, and 80.3%, respectively. In terms of photosynthetic physiology, the combined treatment improved the net photosynthetic rate and stomatal conductance by 37.5% and 46.7%, respectively, while reducing intercellular CO2 concentration by 8.7%. Furthermore, total iron content in Cinnamomum camphora increased by 11%, and root-available iron content (FCR) by 26.6%. These results demonstrate that co-inoculation with AMF and siderophore bacteria significantly promotes growth and iron absorption in seedlings, effectively mitigating symptoms of iron deficiency chlorosis, providing a scientific basis for developing efficient microbial co-inoculation techniques.