AbstractSoil microbial extracellular enzymes play crucial roles in soil carbon and nutrient cycling by catalyzing soil biochemical processes. However, the activity and stoichiometry of enzymes involved in the carbon, nitrogen, and phosphorus cycles in the environment with the highest density of wild giant pandas on the southern slopes of the Qinling Mountains is unknown. We have established eight research areas at an elevation of 1090–2621 m. The β‐1,4‐glucosidase (BG), β‐1,4‐N‐acetylglucosaminidase (NAG), and acid phosphatase (APase) in soil samples were measured. We used redundancy analysis and structural equation model to evaluate the driving factors of metabolic restriction of soil microorganisms along the elevational gradient, and four models were used to cross‐evaluate the nutrient restriction status of soil microorganisms. The results showed that most soil physiochemical properties, soil microbial biomass, and microbial extracellular enzymes exhibited a hump‐shaped trend with increasing elevation. Elevation indirectly affected soil enzyme activity and stoichiometry by C, N, and P status. Microorganisms are limited by C at lower and higher elevations but limited by N at medium elevations. These results could help strengthen the conservation and management of the wild panda's natural habitat.