Microbes are very important to maintain the health of soil. Soil contains an important nutrient called as Nitrogen. This Nitrogen is converted into nitrogenous compounds like Nitrate , Nitrite which are utilized by the plant, so talking about the soil health
1. the Microbes specially the Nitrogen fixers are very beneficial to maintain soil health also maintaining the Biogeochemical cycle.
2. The decomposers are playing an important role in breaking down of complex matter (contributing the nutrient rich,Humus) thus increasing the fertility of soil.
Microbes are playing a major role in preventing biodiversity as they are preventing the loss of nutrient by process like immobilization. Acting as a reservoir to store nutrients and when they die, it's uptaken by plants and cycling of nutrients is continued.
Microbes can make nutrients and minerals in the soil available to plants, produce hormones that spur growth, stimulate the plant immune system and trigger or dampen stress responses. In general a more diverse soil microbiome results in fewer plant diseases and higher yield. Soil microorganisms are responsible for most of the nutrient release from organic matter. When microorganisms decompose organic matter, they use the carbon and nutrients in the organic matter for their own growth. They release excess nutrients into the soil where they can be taken up by plants. Microorganisms help in cleaning up the environment. They decompose dead and decaying matter from plants and animals; convert them into simpler substances which are later used up by other plants and animals. Thus, they are used to breakdown harmful substances. Microbes help the break down organic matter from dead plants and animals and incorporate it into the soil, which increases the soil's organic content, improves soil structure, and helps plants thrive. Microorganisms help break down organic matter, they release essential nutrients and carbon dioxide into the soil, fix nitrogen and help transform nutrients into mineral forms that plants can use through a process called mineralization and nitrogen fixing bacteria improve soil fertility. Soil microbes decompose organic substances present in soil and become instrumental to transform unavailable forms of nutrients to their available form for crops. During the decomposition of plant residues in soil, the distribution and population dynamics of soil microorganisms are significantly influenced. They increase soil fertility by incorporating air, minerals and nitrogenous compounds. They contribute in increasing plant growth by providing essential elements, minerals that plants cannot utilize by their Owen. Microorganisms decompose organic matter to simpler form that can be easily uptake by plants. Microorganisms play essential roles in biogeochemical processes, and the disturbance of these microbial systems on a global scale may result in dramatic ecological issues, such as disruptions of food webs due to nutrient cycling changes, and increased greenhouse gas production due to alterations of the carbon cycle. Microorganisms form part of that cycle, and because of their huge numbers, the part they play is an important one. Microorganisms have several vital roles in ecosystems: decomposition, oxygen production, evolution, and symbiotic relationships.
This is a huge subject which is impossible to answer in a short comment. The UK had a 5-year programme on soil biodiversity a few years ago. If you can, try reading the papers in Applied Soil Ecology, volume 33, part 2, published in September 2006 (this is pages 98-219).
Another suggestion is the book 'Biological Diversity and Function in Soils', edited by R D Bardgett, M B Usher & D W Hopkins, published by Cambridge University Press in 2005. I hope that these 2 publications will help you to realise how important soil biodiversity actually is.