Reforestation after forest clear‐cutting is an effective measure to increase soil organic carbon (SOC) sequestration; still, the soil C balance under reforestation and the role of microbial communities in that process remain to be determined. Samples of organic (0–2 cm) and mineral (2–10 cm) horizons were collected from the 7‐, 15‐, 20‐, 29‐, and 36‐year‐old forest stands of Chinese fir (Cunninghamia lanceolata) after plantation clear‐cutting in subtropical zone under the condition of phosphorus limitation. Particulate organic carbon (POC), mineral‐associated organic carbon (MAOC), microbial phospholipid fatty acids (PLFAs), and enzymatic activities for C, nitrogen (N), and phosphorus (P) acquisition were analyzed. The lowest contents of POC (10%) and MAOC (13%) in the organic horizon were found in 7‐year‐old stands due to the slow tree regrowth and extensive decomposition of SOC in the first years of forest regrowth. POC (2.0×) and MAOC (0.8×) increases in the organic horizon with forest age were attributed to the stand development and accumulation of above‐ and belowground litter. The organic horizon had a higher POC:MAOC ratio than the mineral (0.7–1.1 vs. 0.2–0.5), indicating lower SOC stability in the first one. The ratio of POC:MAOC increased with the Gram‐positive to Gram‐negative bacteria (G+:G‐) ratio, pointing out that microbial communities developed a specific community structure and substrate utilization strategies of organic matter under plantation restoration. The increase of total PLFAs and the G+:G‐ ratio was closely linked with the microbial C and P limitations, indicating that microorganisms shifted community structure to slow‐growing species and increased their content to cope with the C and P restrictions. In the soils of young plantations, microorganisms were limited by C and P; however, the C limitation was alleviated in the 36‐year‐old plots in the organic horizon due to increased litter input, whereas the P limitation was not. This discrepancy between C and P limitation suppressed the decomposition of litter entering the soil, which was seen in decreased specific activity of C degrading enzymes and led to the accumulation of POC in the organic horizon. Thus, soil C sequestration under reforestation of Chinese fir can be controlled by the amount of litter entering the soil and by metabolic C, N, and P limitations that force microorganisms to shift community structure and change their activity.