The main objectives of this study were (1) to describe the diversity of mycorrhizal fungal communities associated with Uapaca bojeri, an endemic Euphorbiaceae of Madagascar, and (2) to determine the potential benefits of inoculation with mycorrhizal fungi [ectomycorrhizal and/or arbuscular mycorrhizal (AM) fungi] on the growth of this tree species and on the functional diversity of soil microflora. Ninety-four sporophores were collected from three survey sites. They were identified as belonging to the ectomycorrhizal genera Afroboletus, Amanita, Boletus, Cantharellus, Lactarius, Leccinum, Rubinoboletus, Scleroderma, Tricholoma, and Xerocomus. Russula was the most frequent ectomycorrhizal genus recorded under U. bojeri. AM structures (vesicles and hyphae) were detected from the roots in all surveyed sites. In addition, this study showed that this tree species is highly dependent on both types of mycorrhiza, and controlled ectomycorrhization of this Uapaca species strongly influences soil microbial catabolic diversity. These results showed that the complex symbiotic status of U. bojeri could be managed to optimize its development in degraded areas. The use of selected mycorrhizal fungi such the Scleroderma Sc1 isolate in nursery conditions could be of great interest as (1) this fungal strain is very competitive against native symbiotic microflora, and (2) the fungal inoculation improves the catabolic potentialities of the soil microflora.