Alfalfa (Medicago sativa L.) can fix N naturally within soils, which makes alfalfa cultivation useful for enhancing soil fertility while minimizing environmental impacts from pesticides, fertilizers, and soil pollution. To assess the influence of alfalfa cropping on degraded black soil, we determined the nutrient stoichiometry of the soil and soil microbial biomass under four corn cultivation systems at the Harbin Corn Demonstration Base (Heilongjiang, China), which is located in Wujia (126°23′ E, 45°31′ N), Shuangcheng district, Harbin, Heilongjiang Province. The cultivation systems included continuous corn cultivation for more than 30 years (CK), 2 years of alfalfa–corn rotation (AC), three years of alfalfa cropping (TA), and four years of alfalfa cropping (FA). Overall, AC, TA, and FA treatment increased the soil pH, reduced the soil salinity, and increased the organic matter content of the 0–15 cm soil layer. TA and FA presented soil nutrient levels comparable to those of degraded cornfields that were fertilized annually. The TA and FA treatments increased the soil available N:P, soil N:P, and soil C:P ratios. Moreover, TA significantly increased the soil microbial biomass P (SMBP) in the 0–15 cm (surface) soil layer and reduced the soil microbial biomass C (SMBC):SMBP ratio. AC, TA, and FA increased the storage and mineralization rates of soil N and alleviated the microbial P limitations in degraded black soil farmland. Compared with FA, TA resulted in greater improvements in the quality of degraded black soil farmland. The ability of alfalfa to enhance soil fertility makes an important component of sustainable agricultural practices aimed at rehabilitating degraded soils.