Soybean (Glycine max L.) is among the most economically important legumes that provide more than 1/4 of food (for man) and animal feed. However, its yield is comparatively low, most especially under drought stress. The aim of this study therefore was to assess the ability of Rhizobium spp. and mycorrhizal fungi to enhance the yield, seed size and fatty acid content of soybean grown under semi-arid environment. Rhizobium sp. strain R1 was found to possess nitrogen-fixing gene coniferyl aldehyde dehydrogenase function while Rhizobium cellulosilyticum strain R3 was found to have nitrogen-fixing genes cysteine desulfurase SufS and cysteine desulfurase IscS activity. Soybean (Glycine max L) seeds inoculated with Rhizobium spp. and mycorrhizal fungi were cultivated in soil exposed to drought stress. Rhizobium spp. inoculation and mycorrhization alleviate drought stress and increase yield, size and fat content of soybean seeds. This increase in the aboveground parameters was accompanied with an increase in belowground mycorrhizal spore number, percentage root mycorrhization and aboveground shoot relative water content (RWC) in the dually inoculated (R1 + R3MY) soybean plants. In particular, the dually inoculated (R1 + R3MY) soybean plants revealed 34.3 g fresh weight, 15.1 g dry weight and soybean plants singly inoculated with Rhizobium sp. strain R1 (R1) produced more large seeds with 12.03 g dry weight. The non-inoculated (control) seeds contained a higher percentage of moisture content compared to the microbially amended seeds while seeds co-inoculated with Rhizobium cellulosilyticum strain R3 and mycorrhizal consortium revealed the highest percent (8.4 %) of fat. Several fatty acids that are of significant health benefits to humans were observed in the soybean seeds. In order to gain insights into the bacterial communities of rhizospheric soil collected at different stages of soybean growth, class-based Heat-map analysis was performed on the Miseq sequenced data. The core bacteria that were found in the rhizospheric soil were Verrumicrobia, Proteobacteria, Gemmatimonadetes, Firmicutes, Cyanobacteria, Chloroflexi, Bacteroidetes, Actinobacteria, Acidobacteria, Planctomycetes, Deinococcus thermus and Nitrospira suggesting that the rhizobia and fungi used in this study can also improve soil microbial diversity.