Rapid and accurate assessment of yield and nitrogen use efficiency (NUE) is essential for growth monitoring, efficient utilization of fertilizer and precision management. This study explored the potential of a consumer-grade DJI Phantom 4 Multispectral (P4M) camera for yield or NUE assessment in winter wheat by using the universal vegetation indices independent of growth period. Three vegetation indices having a strong correlation with yield or NUE during the entire growth season were determined through Pearson’s correlational analysis, while multiple linear regression (MLR), stepwise MLR (SMLR), and partial least-squares regression (PLSR) methods based on the aforementioned vegetation indices were adopted during different growth periods. The cumulative results showed that the reciprocal ratio vegetation index (repRVI) had a high potential for yield assessment throughout the growing season, and the late grain-filling stage was deemed as the optimal single stage with R2, root mean square error (RMSE), and mean absolute error (MAE) of 0.85, 793.96 kg/ha, and 656.31 kg/ha, respectively. MERIS terrestrial chlorophyll index (MTCI) performed better in the vegetative period and provided the best prediction results for the N partial factor productivity (NPFP) at the jointing stage, with R2, RMSE, and MAE of 0.65, 10.53 kg yield/kg N, and 8.90 kg yield/kg N, respectively. At the same time, the modified normalized difference blue index (mNDblue) was more accurate during the reproductive period, providing the best accuracy for agronomical NUE (aNUE) assessment at the late grain-filling stage, with R2, RMSE, and MAE of 0.61, 7.48 kg yield/kg N, and 6.05 kg yield/kg N, respectively. Furthermore, the findings indicated that model accuracy cannot be improved by increasing the number of input features. Overall, these results indicate that the consumer-grade P4M camera is suitable for early and efficient monitoring of important crop traits, providing a cost-effective choice for the development of the precision agricultural system.