The agronomic advantage of legume-cereal intercropping has been primarily attributed to unidirectional nitrogen (N) transfer. Recent conceptual advances, however, reposition this belowground interaction from a linear, donor-receiver model of N transfer to a dynamic, market-like system of reciprocal N, phosphorus (P), and carbon (C) exchange, mediated by arbuscular mycorrhizal fungi (AMF) and root exudates. This review synthesizes this progression by integrating multiple, temporally distinct pathways of N transfer, spanning rapid root-derived and mycorrhizal pathways to delayed residue-mediated pathways. It further synthesizes their multidimensional regulation and the emergent mechanisms of N-P and C-N exchange into a coherent multi-nutrient network framework. This integrative synthesis moves beyond prior reviews focused on singular processes or nutrients, offering a novel conceptual framework that captures the complexity and reciprocity of belowground interactions. We further evaluate the agronomic outcomes for yield and resource efficiency and outline future research directions. By moving beyond syntheses of singular processes, this work aims to provide an updated ecological foundation for designing sustainable intercropping systems.



