Arbuscular mycorrhizal fungi (AMF) are widely distributed soil-borne microorganisms, which have a symbiotic relationship with several terrestrial plants. They play a key role in plant growth promotion and development, plant nutrient homeostasis, soil nutrient management, and induction of plant defense mechanisms against pest infestation and disease incidences. This interaction of AMF with rice plants has been studied in great detail, providing distinct perspectives on the natural basis of nutrient transport, stress management, improvement of soil health, and induction of systemic plant resistance. This review highlights the responses of (i) AMF interaction with rice plants, (ii) AMF colonization and sporulation potential in rice rhizosphere, (iii) AMF species as a source of inoculum for rice production, (iv) AMF for rice plant maintenance and durability, and (v) AMF responses to other soil microorganisms. Additionally, a new class of phytohormones known as strigolactone (SLs) has been briefly described covering the various forms of analogs, isomers, and membrane transporters. The role of SLs in pre-symbiotic molecular talks, induction of energy metabolism in mitochondria, spore germination, stimulation of hyphal branches, and the relationships of SLs synthesis with soil nutrient content provides in-depth insights into the mechanisms involved in improving AMF interactions with rice plants.