Field research was conducted in Poland in 2019–2021 to determine the effect of microbial products and living mulches on grain yield and grain yield structure elements as well as the biological index of soil fertility (BIF) in spring barley grown in organic agriculture. Two factors were examined: I. microbial products: control (no treatment with microbial products), inoculation with phosphorus-releasing bacteria (Bacillus megaterium var. phosphaticum, Arthrobacter agilis), and co-inoculation (simultaneous inoculation) with phosphorus-releasing bacteria (Bacillus megaterium var. phosphaticum, Arthrobacter agilis) and nitrogen-fixing bacteria (Azospirillum lipoferum Br17, Azotobacter chroococcum); II. living mulch: control (no living mulch—spring barley grown in a pure stand), red clover, red clover and Italian ryegrass, and Italian ryegrass. The study results demonstrated that the highest grain yield at 4.5 t ha−1 with superior structure was produced by spring barley following co-inoculation with phosphorus-releasing bacteria (Bacillus megaterium var. phosphaticum, Arthrobacter agilis) and nitrogen-fixing bacteria (Azospirillum lipoferum Br17, Azotobacter chroococcum). The highest value of the biological index of soil fertility (BIF II) determined at the flowering stage was obtained in plots with spring barley cultivated with the living mulch of red clover mixed with Italian ryegrass or red clover following inoculation with phosphorus-releasing bacteria and nitrogen-fixing bacteria 6.9 and 5.7, respectively.