Soil organic matter (SOM) and its fractions play an important role in maintaining or improving soil quality and soil fertility. Therefore, the effects of a 34-year long-term fertilizer regime on six functional SOM fractions under a double-cropping rice paddy field of southern China were studied in the current paper. The field experiment included four different fertilizer treatments: chemical fertilizer alone (MF), rice straw residue and chemical fertilizer (RF), 30% organic manure and 70% chemical fertilizer (OM) and without fertilizer input as control (CK). The results showed that coarse unprotected particulate organic matter (cPOM), biochemically, physically–biochemically and chemically protected silt-sized fractions (NH-dSilt, NH-μSilt and H-dSilt) were the main carbon (C) storage fractions under long-term fertilization conditions, accounting for 16.7–26.5, 31.1–35.6, 16.2–17.3 and 7.5–8.2% of the total soil organic carbon (SOC) content in paddy soil, respectively. Compared with control, OM treatment increased the SOC content in the cPOM, fine unprotected POM fraction, pure physically protected fraction and physico-chemically protected fractions by 58.9, 106.7, 117.6 and 28.3%, respectively. The largest proportion of SOC to total SOC in the different fractions was biochemically protected, followed by chemically and unprotected, and physically protected were the smallest. These results suggested that a physical protection mechanism plays an important role in stabilizing C of paddy soil. In summary, the results showed that higher functional SOM fractions and physical protection mechanism play an important role in SOM cycling in terms of C sequestration under the double-cropping rice paddy field.