Arbuscular mycorrhizal fungi (AMF) are recognized for their role in enhancing plant growth and productivity, leading to increased interest in their application as biofertilizers. This study aimed to evaluate and compare the efficacy of an autochthonous AMF consortium, the "Rhizolive consortium" (RC), against a widely used commercial strain of Rhizophagus irregularis (RI) on the growth, biomass accumulation, and key physiological characteristics of "Picholine Marocaine" olive cultivar under greenhouse conditions. Our findings revealed that both AMF successfully established symbiotic relationships with the olive root systems, with RC showing 100% mycorrhizal frequency and RI the highest intensity. Additionally, the application of RC inoculum resulted in superior growth performance, shoot height reaching an average of 52 cm, and a higher number of leaves being developed, averaging 55 per plant. Furthermore, RC inoculation significantly boosted the accumulation of both fresh and dry shoot biomass by 34% and 38%, respectively. Beyond growth parameters, RC-inoculated plants exhibited markedly improved physiological efficiency. Stomatal conductance and chlorophyll fluorescence were significantly increased (p < 0.05) by approximately 21% and 2.5%, respectively. In addition, biochemical analyses revealed that RC inoculation led to substantial increases in the foliar content of chlorophyll a, total chlorophyll, and protective carotenoid pigments. These comprehensive results underscore the significant potential of "Rhizolive consortium" isolated from the olive-growing regions of Morocco, to not only promote robust root colonization and vegetative growth but also to enhance the physiological efficiency of the "Picholine Marocaine" olive cultivar. This study provides compelling evidence for the relevance of native AMF consortia as sustainable and potentially more effective alternatives to commercial mycorrhizal inoculants in olive cultivation, contributing to more environmentally friendly and economically viable agricultural practices. Further research is warranted to explore the specific mechanisms underlying the enhanced performance observed with the RC and to evaluate its efficacy under field conditions.