Endophytic fungi were isolated from Phoebe bournei and their diversity and antimicrobial and plant growth-promoting activities were investigated. Of the 389 isolated endophytic fungi, 88.90% belonged to phylum Ascomycota and 11.10% to phylum Basidiomycota. The isolates were grouped into four taxonomic classes, 11 orders, 30 genera, and 45 species based on internal transcribed spacer sequencing and morphologic analysis. The host showed a strong affinity for the genera Diaporthe and Phyllosticta. The diversity of the fungi was highest in autumn, followed by spring and summer, and was lowest in winter. The fungi exhibited notable tissue specificity in P. bournei, and the species richness and diversity were highest in the root across all seasons. Five isolates showed antimicrobial activity against eight plant pathogens, and reduced the incidence of leaf spot disease in P. bournei. Additionally, 9 biocontrol isolates showed plant growth-promoting activity, with five significantly promoting P. bournei seedling growth. This is the first report on the endophytic fungi of P. bournei and their potential applicability to plant disease control and growth promotion.