To study the impact of phosphate solubilizing fungus Penicillium brocae inoculation on soil environment, further understanding of the phosphorus solubilization and growth promotion effect of this strain, we conducted P. Brocae soil inoculation experiment, quantified enzyme activity and small molecule organic acid content of soil inoculated with 104 CFU/mL (T1), 105 CFU/mL (T2), and 106 CFU/mL (T3) P. brocae strain suspension, respectively. At the same time, the growth promoting effect of P. brocae was tested through Erythrophleum fordii Oliv. seedlings planting experiment. The results showed that P. brocae inoculation can significantly increase the content of soil acid phosphatase, citric acid, and oxalic acid, indicating that P. brocae may increase soil available phosphorus content through two pathways: promoting soil organic phosphorus mineralization and dissolving insoluble inorganic phosphate sources. Furthermore, T2 showed the best performance in increasing soil acid phosphatase and citric acid content, while soil oxalic acid content increased with P. brocae inoculation amount. In addition, P. brocae can enhance soil urease activity, promote nitrogen utilization, and has no significant effect on alkaline phosphatase activity. Meanwhile, P. brocae has a certain inhibitory effect on sucrase activity. Finally, P. brocae inoculation significantly increased the available phosphorus content in the rhizosphere soil of E. fordii Oliv. seedlings, as well as the ground diameter, crown width, and fresh weight of seedlings. The growth promoting effect was enhanced with the increase of P. brocae inoculation amount, indicating that the phosphorus solubilizing fungus P. brocae has the potential to be further developed into bio-fertilizer.