We examine galaxy star formation rates (SFRs), metallicities, and gas contents predicted by the Mufasa cosmological hydrodynamic simulations, which employ meshless hydrodynamics and novel feedback prescriptions that yield a good match to observed galaxy stellar mass assembly. We combine 50, 25, and 12.5h −1 Mpc boxes with a quarter billion particles each to show that Mufasa broadly reproduces a wide range of relevant observations, including SFR and specific SFR functions, the mass-metallicity relation, H i and H 2 fractions, H i (21 cm) and CO luminosity functions, and cosmic gas density evolution. There are mild but significant discrepancies, such as too many high-SFR galaxies, overly metal-rich and H i-poor galaxies at M * 10 10 M , and sS-FRs that are too low at z ∼ 1 − 2. The H i mass function increases by ×2 out to z ∼ 1 then steepens to higher redshifts, while the CO luminosity function computed using the Narayanan et al. conversion factor shows a rapid increase of CO-bright galaxies out to z ∼ 2 in accord with data. Ω HI and Ω H2 both scale roughly as ∝ (1 + z) 0.7 out to z ∼ 3, comparable to the rise in H i and H 2 fractions. Mufasa galaxies with high SFR at a given M * have lower metallicities and higher H i and H 2 fractions, following observed trends; we make quantitative predictions for how fluctuations in the baryon cycle drive correlated scatter around galaxy scaling relations. Most of these trends are well converged with numerical resolution. These successes highlight Mufasa as a viable platform to study many facets of cosmological galaxy evolution.