The large amount of nitrogen application on the North China Plain has caused a serious negative impact on the sustainable development of regional agriculture and ecological environmental protection. Our aim was to explore the effects of nitrogen fertilization rate and groundwater depth on growth attributes, soil-water and soil-fertilizer contents, and the winter wheat yield. Experiments were carried out in micro-lysimeters at groundwater depths of 60, 90, 120, and 150 cm on the basis of 0, 150, 240, and 300 kg/ha nitrogen fertilization rates in the growth season for winter wheat. Results showed that plant height, leaf area index, soil plant analysis development, and yield without nitrogen application increased significantly with increases in groundwater depth. The optimal groundwater depths for growth attributes and yield were 60–120 cm and tended to be shallower with added nitrogen application. Soil moisture was lowered significantly with groundwater depth, adding a nitrogen application reduced soil moisture, and excessive nitrogen input intensified soil drought. Nitrate-N accumulation at the 120–150 cm depths was significantly higher than that at the 60–90 cm depths, and a 300 kg/ha (traditional nitrogen application rate) treatment was 6.7 times greater than that of 150 kg/ha treatment and increased by 74% more than that of the 240 kg/ha treatment at 60–150 cm depth. Compared with the yield of the 300 kg/ha rate, the yield of the 240 kg/ha rate had no significant difference, but the yield increased by 3.90% and 11.09% at the 120 cm and 150 cm depths. The growth attributes and yield of winter wheat were better, and the soil nitrate-N content was lower, when the nitrogen application rate was 240 kg/ha. Therefore, it can be concluded that nitrogen application can be reduced by 20% on the North China Plain.