Water and fertilizer are crucial in rice growth, with irrigation and fertilizer management exhibiting synergies. In a two-year field study conducted in Yiyang City, Hunan Province, we examined the impact of three irrigation strategies—wet-shallow irrigation (W1), flooding irrigation (W2), and the “thin, shallow, wet, dry irrigation” method (W3)—in combination with distinct fertilizer treatments (labeled F1, F2, F3, and F4, with nitrogen application rates of 0, 180, 225, and 270 kg ha−1, respectively) on rice yield generation and water–fertilizer utilization patterns. The study employed Hybrid Rice Xin Xiang Liang you 1751 (XXLY1751) and Yue Liang you Mei Xiang Xin Zhan (YLYMXXZ) as representative rice cultivars. Key findings from the research include water, fertilizer, variety, and year treatments, which all significantly influenced the yield components of rice. Compared to W2, W1 in 2022 reduced the amount of irrigation water by 35.2%, resulting in a 42.0~42.8% increase in irrigation water productivity and a 25.7~25.9% increase in total water productivity. In 2023, similar improvements were seen. Specifically, compared with other treatments, the W1F3 treatment increased nitrogen uptake and harvest index by 1.4–7.7% and 5.9–7.7%, respectively. Phosphorus and potassium uptake also improved. The W1 treatment enhanced the uptake, accumulation, and translocation of nitrogen, phosphorus, and potassium nutrients throughout the rice growth cycle, increasing nutrient levels in the grains. When paired with the F3 fertilization approach, W1 treatment boosted yields and improved nutrient use efficiency. Consequently, combining W1 and F3 treatment emerged as this study’s optimal water–fertilizer management approach. By harnessing the combined effects of water and fertilizer management, we can ensure efficient resource utilization and maximize the productive potential of rice.