Biodiversity varies with elevation and is affected by disturbances. However, little is known about how the associations between the diversities of different bryophyte and macrolichen functional-taxonomic groups are altered along elevational gradients and by disturbances. Knowledge on the associations between these functional-taxonomic groups might be of importance in practical conservation biology, as identifying indicator taxa which are easy to monitor could be useful in estimating a wider biodiversity. We sampled the species richness of bryophytes and macrolichens in 92 plots distributed in disturbed and undisturbed stands along elevational gradients in the laurel forest of Madeira. We then calculated a matrix of correlations for all pairwise combinations of 18 different functional-taxonomic bryophyte and macrolichen groups and tested for average differences in correlations with elevation and disturbance history and whether particular functional-taxonomic groups can be used to estimate the richness of other taxa. Associations between the diversities of functional-taxonomic groups within the bryophyte group and within the macrolichen group were always positive and mainly strong. Although changes in elevation and disturbance history changed the associations between the different bryophyte and macrolichen functional-taxonomic groups, we found the species richness of mosses or liverworts to be suitable for predicting overall bryophyte species richness and the species richness of green-algae macrolichens to be reliable for estimating overall macrolichen species richness. Associations between diversities of bryophyte and macrolichen groups were generally weak, suggesting that the two groups have different ecological requirements and do not share the same environmental drivers. The fact that no single bryophyte taxon can be used to predict the richness of any macrolichen group, and vice versa, points to the need to study both bryophytes and lichens. However, we found indicator taxa that are relatively easy to monitor and therefore could be used to estimate the wider biodiversity.