[Objective] The endophytic strains with the ability of phosphorus-soluble were isolated and screened from the seeds of different Panicum miliaceum varieties from Ningxia Hui Autonomous Region and Gansu Province, and inoculated in Panicum miliaceum to evaluate the effects of phosphorus dissolution and growth promotion. [Methods] The phosphorous dissolving capacity was determined by phosphorous ring and molybdenum-antimony colorimetric method， at the same time, pot experiments were conducted to determine its effects on seedling growth, photosynthesis and phosphorus absorption. [Results] Among the endophytic fungal strains isolated from Panicum miliaceum seeds, five strains had the ability to dissolve phosphorus, two strains were from Gansu Province [LM₁ (Talaromyces sp.), LM₂ (Talaromyces sp.)] and 3 strains were from Ningxia [GM₁ (Talaromyces sp.), GM₂ (Penicillium sp.), GM₃ (Penicillium chrysogenum)]. The ratio of the diameter of solubilizing phosphorus circle (D) to the diameter of colony (d) of strain GM₁ and GM₃ was the largest, reaching 1.59 and 1.47; The content of soluble phosphorus in the liquid medium of the same composition was 264.75 μg/ml and 323.48 μg/ml, respectively, and the phosphorus dissolution rate reatched 5.26% and 6.43%, respectively, which was significantly higher than other strains (p<0.05); the pH value was 2.88 and 3.63, respectively, which was significantly lower than other strains (p<0.05); The phosphorus dissolution rate of the 5 fungis was negatively correlated with the pH value (p<0.01). In the pot experiment, when the phosphorus consumption was reduced by 75% and 50%, and inoculated with phosphorus-soluble fungi GM₃, the SPAD value (a parameter of chlorophyll relative content) of Panicum miliaceum was 20.63 and 21.46, respectively, net photosynthetic rate reached 23.2 and 25.87 μmol/(m²·s), the total phosphorus content of the plant was 10.09 and 12.39 mg/pot, respectively, which were significantly higher than the control (CK) (p<0.05). [Conclusion] Inoculation of GM₃ had obvious pro-growth effect on Panicum miliaceum. GM₃ was the target strain obtained in this experiment, and it showed a good effect of promoting the growth and dissolved phosphorus.