I was also about to ask where are you and what type of tree.
I would say you might get away with a good layer of mulch around the tree but make sure it is fluffy
enough to allow the tree to breath.
Then if you want to build up say one section of planting bed with soil and compost to plant something at least several feet out from the tree, make sure not to cover more than say 1/4 of the way around the tree in any one year. The tree will send up surface roots into the new bed, beware of this so I wouldn't advise planting anything that you have to dig out like potatoes or carrots. Anyway, it is kinda like when having to move a smaller tree, you are only supposed to cut a portion of the roots at a time to give the tree time to grow new roots to support it before cutting the rest away. So, only bury a portion of the area under the tree at a time so the tree can send up new surface roots into the beds so it will be able to breath. Some people like to build 2' deep planter beds all around under a tree canopy and they go filling in the entire root zone under 2' of dirt and the poor tree dies of suffocation. so, a little at a time if you want the tree to survive and I'd avoid piling up dirt right next to the trunk but a little mulch or compost to improve the situation for the exposed roots might be appreciated by the tree provided you don't go too thick. As noted, a little each year so the tree can adjust.
The not about water is important. If you start over watering the root zone of the tree, it might
experience problems it isn't used to like fungus, root rot, or pests. Be sure to choose things that will be compatible with the trees water demands.
I have a huge Oak out in my front yard. About 8 foot out from the trunk I have a half circle of Aloe plants on one side and a half circle of potted ferns. There is a drip line feeding the aloe and ferns. When we first moved in we hired a tree service to thin out/open up the tree a bit. It's what they call a safety trim here to allow high winds to blow through easier and hopefully avoid taking down the tree during a hurricane. It made it much easier to see up into the structure of the tree and gave the front yard a much more airy feel. There are also some palms, azaleas, pineapples, and other assorted plants growing under the drip line of that tree.