Phosphate-solubilizing bacteria (PSB) have garnered extensive attention for their ability to improve soil phosphorus (P) availability and their potential applications in bioremediation. However, the efficacy of PSB is contingent upon their colonization in soils, which can be hindered by the toxicity of heavy metals such as cadmium (Cd). Utilizing biochar as a protective carrier for PSB presents a promising strategy to address this challenge. This study investigated the effects of PSB-loaded biochar on soil P pools and wheat (Triticum aestivum L.) growth under Cd-contaminated conditions. Results indicated that biochar loading facilitated the colonization and functioning of the inoculated PSB strain (Bacillus subtilis), as evidenced by increased soil cultivatable PSB abundance and phosphatase activity as well as increased relative abundance of Bacillus in bacterial community. Consequently, improved soil P availability and reduced soil exchangeable Cd content were observed, leading to a 30.3% increase in wheat shoot biomass, a 50.4% increase in P accumulation, and a 24.1% reduction in Cd accumulation in wheat shoots under the PSB-loaded biochar treatment. Significant shifts in bacterial community composition were revealed by 16S rRNA amplicon sequencing and enhanced microbe-mediated metabolic activities were observed, as demonstrated by soil enzyme assays and metabolome analysis. Overall, these findings underscore the potential of PSB-loaded biochar to enhance P availability, mitigate Cd toxicity, and shape the soil microbial community, offering a promising strategy for sustainable nutrient management and bioremediation in Cd-contaminated agricultural soils.