The benefits of mycorrhizal inoculation on growth, yield and nutrition of plants are well documented. However, mycorrhiza use in pepper and sweet pepper crops (Capsicum spp.) is still rarely exploited compared to other crops of economic importance. The current paper reviews the main aspects of the association between arbuscular mycorrhizal (AM) fungi and plants of pepper and sweet pepper. It includes topics about the effects of AM fungi on nutrition, growth and yield in Capsicum spp., paying particular attention to AM fungi–pathogen interactions, responses to some environmental stresses, as well as biochemical and physiological aspects of AM fungi–plant interaction in Capsicum annuum L.