Thousands of tons of zeolitic materials are used yearly as soil conditioners and components of slow-release fertilizers. A positive influence of application of zeolites on plant growth has been frequently observed. Because zeolites have extremely large cation exchange capacity, surface area, porosity and water holding capacity, a paradigm has aroused that increasing plant growth is caused by a long-lasting improvement of soil physicochemical properties by zeolites. In the first year of our field experiment performed on a poor soil with zeolite rates from 1 to 8 t/ha and N fertilization, an increase in spring wheat yield was observed. Any effect on soil cation exchange capacity (CEC), surface area (S), pH-dependent surface charge (Qv), mesoporosity, water holding capacity and plant available water (PAW) was noted. This positive effect of zeolite on plants could be due to extra nutrients supplied by the mineral (primarily potassium—1 ton of the studied zeolite contained around 15 kg of exchangeable potassium). In the second year of the experiment (NPK treatment on previously zeolitized soil), the zeolite presence did not impact plant yield. No long-term effect of the zeolite on plants was observed in the third year after soil zeolitization, when, as in the first year, only N fertilization was applied. That there were no significant changes in the above-mentioned physicochemical properties of the field soil after the addition of zeolite was most likely due to high dilution of the mineral in the soil (8 t/ha zeolite is only ~0.35% of the soil mass in the root zone). To determine how much zeolite is needed to improve soil physicochemical properties, much higher zeolite rates than those applied in the field were studied in the laboratory. The latter studies showed that CEC and S increased proportionally to the zeolite percentage in the soil. The Qv of the zeolite was lower than that of the soil, so a decrease in soil variable charge was observed due to zeolite addition. Surprisingly, a slight increase in PAW, even at the largest zeolite dose (from 9.5% for the control soil to 13% for a mixture of 40 g zeolite and 100 g soil), was observed. It resulted from small alterations of the soil macrostructure: although the input of small zeolite pores was seen in pore size distributions, the larger pores responsible for the storage of PAW were almost not affected by the zeolite addition.