Elevated nitrogen (N) and phosphorus (P) depositions have greatly affected belowground carbon processes in forest ecosystems. However, open questions still remained on the effects of N and P depositions on belowground carbon processes, including soil respiration (RS), its source components—autotrophic respiration (RA) and heterotrophic respiration (RH), and total belowground carbon allocation (TBCA) in Moso bamboo forests—one of the most important forest types with wide distributions in subtropical China. To fill this knowledge gap, a two-year N, P, and NP experiment was conducted in Moso bamboo forests. Results showed that RS, RA, and RH had a strong seasonal variability and were exponentially correlated with soil temperature. N and P depositions did not change RS and RA. However, P deposition increased RH due to the stimulation of microbial activities, indicating a significant soil carbon loss under P deposition. N and P depositions did not affect TBCA. However, NP deposition significantly increased root carbon-use efficiency. Net ecosystem production (NEP) varied from 198 ± 104 to 529 ± 225 g C m−2 year−1, indicating that Moso bamboo is an important carbon sink. P deposition marginally decreased NEP, while N and NP depositions did not affect NEP, which indicates that N deposition alleviated the suppression of P deposition on NEP. These findings highlight the inconsistent responses of RA, RH, and NEP to N, P, and NP depositions, which should be differently considered to increase the accuracy of predicting belowground carbon dynamics.