Increasing soil organic carbon (SOC) contents and reducing carbon dioxide (CO2) emissions in paddy soil fields can result in positive impacts on climate change mitigation and soil quality. However, SOC accumulation and its microbial driving factors under enhanced fertilization strategies (e.g., organic matter application) are still unclear. Therefore, we investigated the effects of organic matter addition on SOC variations, CO2 fluxes, and their relationships with soil bacterial compositions and functions through a 6-year fertilizer experiment in rice fields involving two fertilization types, namely chemical fertilizer (NPK) and chemical fertilizer combined with organic matter (NPK+OM). The results showed significantly higher and lower SOC contents (p < 0.05) in the 10–20 cm soil layer under the NPK+OM treatment before rice transplanting and after rice harvest, respectively, than those under the NPK treatment. The lower SOC contents after rice harvest might be due to the great nutrient consumption, resulting in higher rice yields in the NPK+OM than those in the NPK treatment by 6.68 to 32.35%. Compared with NPK, NPK+OM reduced the in-situ CO2 fluxes by 38.70–118.59%. However, the ex-situ SOC mineralization rates were not affected by NPK+OM in the 0–10 and 10–20 cm soil layers. The 16S rRNA sequence indicated a significant increase in the abundance of non-singleton amplicon sequence variants (ASVs) in the NPK+OM treatment scenario compared to those in the NPK treatment scenario. The top three most important soil bacterial phylum influenced by NPK+OM were LCP-89, BRC1, and Rokubacteria in April, as well as Firmicutes, Nitrospinae, and BRC1 in July. Soil Actinobacteria was negatively correlated with the SOC contents in April and July. The results of the present study demonstrate the economic and ecological benefits of the organic matter addition in rice production, as well as the contribution of soil bacteria to SOC accumulation and CO2 emission reduction.