Herbivores moderate grazing is a fundamental driver of plant diversity maintenance in grassland ecosystems. However, the effects of grazing with different herbivores on plant community composition and recruitment are still little known. Here, we conducted a field moderate grazing experiment to examine the effects of different grazing modes under moderate intensity in the cold season, including sheep grazing (SG), yak grazing (YG), and mixed grazing by sheep and yak (MG), on plant community composition and recruitment. Results showed that all grazing modes significantly decreased plant cover and average height of standing plant litter. Additionally, herbivores grazing significantly increased species richness but decreased community evenness (P < 0.05), with highest richness and evenness found in YG and SG plots, respectively. The trends of increasing aboveground biomass of common and rare species groups were most pronounced in the SG plots relative to the YG and MG plots. MG promoted the increasing of the common species group. From community recruitment, moderate grazing increased the sexual recruitment and decreased the asexual recruitment, and MG significantly inhibited the recruitment of asexual seedlings. Meanwhile, all grazing modes increased the species of poor palatability. These findings imply that the cold-season grazing with moderate intensity facilitated a rapid divergence succession of alpine meadow community by regulating the relative abundance of common and rare species, as well as the asexual seedlings recruitment induced by the removal of standing plant litter. Consequently, the cold-season grazing with different herbivores under moderate intensity can be used as a management tool to modulate grassland community structure and maintain species diversity in alpine grassland ecosystem.