Reducing fertilizer doses under sustainable agricultural management is possible by increasing nutrient utilization efficiency, which will decrease crop production costs and boost economic return. Soil amendments known as water retention agents (WRAs) are added to the soil to enhance crop growth conditions. We hypothesize that the addition of WRAs may support the soil-retaining nutrients given through fertilization and prevent them from leaching into tropical soils characterized by severe rainfall due to WRAs’ exceptional capacities to absorb and store water. Mango trees (Mangifera indica L. cv Tainong No. 1) aged 18 years were fertilized with 100% or 80% of the recommended doses of nitrogen (N), phosphorus (P), and potassium (K). The experimental design included three treatments, i.e., complete recommended doses of N, P, and K (CRF), 80% of the complete recommended doses (RRF), and water-retaining agent (40 kg ha−1) + 80% of the complete recommended doses (WRARRF). Reducing the fertilization doses by 20% for mango trees in the studied tropical soil significantly (p < 0.05) minimized the nutrient availability in the soil compared to the complete fertilization doses. WRARRF compensated for the nutrient reduction by increasing the availability of N, P, and K. The addition of WRARR increased N, P, and K in mango leaf by 11%, 4%, and 7% in the first year and by 11%, 6%, and 7% in the second year, respectively, compared to CRF. The addition of WRARR increased the partial fertilizer productivity (PFP) value by 36% and 41% in the first and second years, respectively. The highest mango fruit output was achieved by the addition of WRARRF, which resulted in increases in mango fruit yield of 11.9% and 16.5% in the first and second years, respectively, compared to RRF. Fruit quality traits showed the descending order: WRARRF > RRF > CRF. WRARRF produced the maximum economic benefit (USD 7372 per hectare) compared to CRF and RRF. The polyacrylamide/attapulgite water-retaining agent exhibited remarkable improvement in mango fruit yield and economic profit by regulating the release of nutrients in tropical soils. Water-retaining agents are an effective strategy for overcoming the extensive fertilization used in mango orchards, which has resulted in numerous environmental contaminations and the inefficient use of fertilizers.