[Display omitted] • Micro-aerobic conditions improved compost product quality. • Micro-aerobic conditions were conducive to DOC generation and retention. • Aromatic polymerization was greater under micro-aerobic than static conditions. • Mycothermus dominated the composting process. • The proportion of soil saprotrophs was 5.18% higher after micro-aerobic composting. This study investigated the effects of micro-aerobic conditions on fungal community succession and dissolved organic matter transformation during dairy manure membrane-covered composting. The results showed that lignocellulose degradation in the micro-aerobic composting group (AC: oxygen concentration < 5 %) was slower than that in the static composting group (SC: oxygen concentration < 1 %), but the dissolved organic carbon in AC was greatly increased. The degree of aromatic polymerization was higher in AC than in SC. But the carboxyl carbon and alcohol/ether biodegradations were faster in SC than in AC, which promoted carbon dioxide and methane emissions, respectively. The relative abundances of pathogenic and dung saprotrophic fungi in AC were 44.6 % and 10.59 % lower than those in SC on day 30, respectively. Moreover, the relative abundance of soil saprotrophs increased by 5.18 % after micro-aerobic composting. Therefore, micro-aerobic conditions improved the quality of compost products by influencing fungal community evolution and dissolved organic matter transformation. [ABSTRACT FROM AUTHOR]