This study aimed to evaluate the accumulation, structural characteristics, and chemical composition of deferred signal-grass pastures that were subjected to four treatments: without nitrogen fertilization, intercropped with calopo (Calopogonium mucunoides), and fertilized with urea N (50 kg ha−1 and 100 kg ha−1) for 2 years. The design was in randomized blocks, with two blocks and two repetitions of each treatment per block. There were effects of the interaction between treatment and year on green dry mass, forage accumulation, density of vegetative tillers, and crude protein content (simulated grazing). The effects of the treatments on the height, falling index, green dry mass/dead dry mass ratio, number of dead, live and total tillers, and crude protein content (direct cutting) were also observed. Signal-grass–calopo-intercropping ensured adequate mass and forage accumulation and crude protein content equivalent to those of fertilized pastures. In addition, the intercropped pasture showed a higher percentage of leaves and a higher crude protein content compared with those for the other treatments (simulated grazing). The green dry mass/dead dry mass ratio was highest in the intercropped pasture and was equivalent to only that of the pasture fertilized with a low dose of nitrogen. Therefore, signal-grass–calopo-intercropping may be recommended for deferment.