Mulch is an important measure for improving agricultural productivity in many semiarid regions of the world. However, the impacts of various mulching materials on soil hydrothermal characteristics, enzyme activity, and potato yield in fields have not been comprehensively explored. Thus, a two-growing-season field experiment (2020–2021) with four treatments (SSM, straw strip mulching; PMP, plastic film mulching with large ridge; PMF, double ridge-furrow with full film mulching; and CK, no mulching with conventional planting as the control) was conducted to analyze soil hydrothermal and soil enzyme activities and potato yield on the semiarid Loess Plateau of Northwest China. The results indicated that mulching practices had a positive effect on the soil moisture, with SSM, PMP, and PMF increasing by 7.3%, 9.2%, and 9.2%, respectively, compared to CK. Plastic film mulching significantly increased the soil temperature by 1.3 °C, and straw mulching reduced the soil temperature by 0.7 °C in the 0–30 cm soil layers of the whole growth period. On average, SSM, PMP, and PMF increased soil urease activity in 0–40 cm soil layers by 14.2%, 2.8%, and 2.7%, respectively, and enhanced soil sucrase activity by 19.2%, 8.6%, and 5.7%, respectively, compared with CK. Plastic film mulching increased soil catalase activity by 9.6%, while SSM decreased by 10.1%. Mulching treatments significantly increased tuber yield and water use efficiency based on dry tuber yield (WUE), and SSM, PMP, and PMF increased tuber yield by 18.6%, 31.9%, and 29.7%, enhanced WUE by 50%, 50%, and 57.0% over CK. The correlation analysis revealed that soil moisture was the main factor influencing tuber yield (r = 0.95**). Mulching could improve the soil hydrothermal environment, regulate soil enzyme activities, and promote yield increase. As a sustainable protective mulching measure, straw strip mulching is conducive to improving the ecological environment of farmland and the sustainable development of regional organic agriculture.