A pot experiment was performed to see the synergistic effect of co-inoculation of two indigenous arbuscular mycorrhizal (AM) fungi with other beneficial microbes on some of the physiological parameters in Glycine max (L.) Merrill. A prominent improvement in physiological parameters was observed after 120 days in comparison to control. Among all the physiological parameters studied, total chlorophyll content, root and shoot phosphorus, acidic and alkaline phosphatase, percentage of protein and oil content were highest in the combination of Glomus mosseae + Acaulospora laevis + Trichoderma viride + Bradyrhizobium japonicum over other treatments and control. The stomatal conductance in morning (lower and upper epidermis) and evening (lower and upper epidermis) was found to be highest with G. mosseae + A. laevis + T. viride treatment. G. mosseae alone showed best increment in arbuscular mycorrhizal (AM) spore number and percent mycorrhizal root colonization. Overall results suggest that although, all co-inoculation treatments showed beneficial effects but the treatment with G. mosseae + A. laevis + T. viride + B. japonicum executed more pronounced response in increasing physiological parameters followed by G. mosseae alone and G. mosseae + A. laevis + T. viride respectively. Thus the co-inoculation of microbes (bioagents) with AM fungi in rhizosphere of soybean has positive effect on the different physiological growth parameters.