Peanut (Arachis hypogaea Linn. cv: Luhua 11) and tomato (Lycopersicon esculentum Mill. cv: Zhongshu 4) were inoculated with arbuscular mycorrhizal fungi (AMF) Funneliformis mosseae BEG167 (Fm), Rhizophagus intraradices BEG141 (Ri), and Glomus versiforme Berch (Gv), and/or Spodoptera exigua (S. exigua) under greenhouse conditions. Results indicated that feeding by S. exigua had little influence on colonization of peanut plants by AMF, but improved colonization of tomato by Fm and Gv. Feeding by S. exigua had little influence on leaf net photosynthetic rate, transpiration rate, and stomatal conductance of nonmycorrhizal peanut plants but significantly improved net photosynthetic rate and transpiration rate of mycorrhizal plants of both hosts. AMF with or without S. exigua inoculation improved host plant photosynthetic characteristics, growth, and hormone status. Fm showed maximum beneficial effects, followed by Gv. The concentrations and ratios of phytohormones abscisic acid (ABA), indole-3-acetic acid (IAA), gibberellin (GA), zeatin riboside (ZR), and jasmonic acid (JA) in the leaves of the host plants were changed due to the interaction between AMF and S. exigua. Generally, AMF with or without S. exigua inoculation increased the concentrations of GA, ZR, and JA and the ratios of IAA/ABA, GA/ABA, ZR/ABA, and IAA + GA + ZR/ABA, while feeding by S. exigua on nonmycorrhizal plants showed the opposite effect. The concentration of JA in the leaves of peanut and tomato inoculated with Fm or Fm + S. exigua was 1.9 and 1.9 times and 2.5 and 2.7 times, respectively, greater than that of the controls inoculated with neither. There was a negative correlation between the JA concentration and the survival percentage of S. exigua larva. We conclude that indirect interactions between AMF and insect herbivores changed the photosynthetic and hormone characteristics, and ratios of phytohormones, thereby revealing mechanisms of belowground-aboveground interactions.