Mixed-species plantations of trees with N-fixing species have the potential of promoting forest productivity and soil fertility. However, few studies in the literature have addressed the advantages of mixed-species plantations of leguminous trees over monocultures of leguminous trees based on in situ inventories over a long time period. Here, we monitored the dynamics of tree community composition, vegetation biomass, soil nutrients, and soil microbial phospholipid fatty acids (PLFAs), in an Acacia mangium monoculture plantation during 33 years of development and compared it with a mixed-species plantation of A. mangium associated with 56 native species which were underplanted 14 years after the initial establishment. Leaf N and phosphorus (P) concentrations of three main species in the overstory and understory of the A. mangium monoculture were measured. Our results showed that the soil organic carbon (SOC), total nitrogen (TN), and available phosphorus (AP) concentrations significantly increased over time during the approximately thirty years of A. mangium monoculture plantation, while the disadvantages were associated with new species regeneration and the increment of vegetation biomass. In the A. mangium monoculture plantation, leaf N concentration of A. mangium, Rhodomyrtus tomentosa, and Dicranopteris dichotoma continuously increased from 21 to 31 years, while the leaf P concentration of A. mangium and R. tomentosa decreased. The mixed-species plantations of A. mangium with native tree species had lower SOC and soil TN concentrations, more new tree species recruitment in the understory, and faster vegetation biomass increment than the A. mangium monoculture. However, the PLFAs of soil microbial groups were slightly different between the two types of plantations. We conclude that improved soil N nutrient condition by A. mangium monoculture benefits N absorption by A. mangium, R. tomentosa, and D. tomentosa, while low soil AP limits P absorption by A. mangium and R. tomentosa. Meanwhile, transforming the A. mangium monoculture into a mixed-species plantation via the introduction of multiple native species into the A. mangium monoculture decreases SOC and TN concentrations but the advantages include improving forest regeneration and maintaining forest growth in a long-term sequence. These findings provide useful and practical suggestions for managing forest monocultures of A. mangium in subtropical regions.