Abstract: Mycorrhizae, formed through the colonization of soil mycorrhizal fungi into the roots of host plants, are common symbiosis in the terrestrial ecosystems. The establishment of mycorrhizae is mainly based on the bidirectional nutrient exchanges between the symbiotic partners. Mycorrhizal fungi can absorb mineral nutrients, such as nitrogen and phosphorus, from soil and transport them to the host plants for their growth. As an exchange, host plants supply mycorrhizal fungi with the carbohydrates in the form of lipids or sugars, which are essential for fungal growth. In recent years, the mechanism of nutrient exchange between the mycorrhizal fungi and host plants has been a hot research topic. Important progresses have been achieved in mechanisms of host plants nutrient uptake and transport mediated by the mycorrhizal fungi. In this review, recent advances in nutrient exchange between arbuscular mycorrhizal fungi, ectomycorrhizal fungi and host plants were summarized, especially in the absorption and bidirectional transfer mechanisms of important nutrients, such as carbon, nitrogen and phosphorus. The potential regulatory effects of nutrient exchange in the mycorrhizal development were also reviewed. In addition, key problems and prospects of related researches were analyzed. This paper would be meaningful for the establishment of mycorrhizal model and the optimization of mycorrhizal effects.