The foliar application of biostimulants at specific concentrations under magnetic–electric water irrigation has a positive effect on water and fertilizer use efficiency and yield of cotton, which is crucial for green and sustainable agricultural development. As a new type of fertilizer, biostimulants have demonstrated remarkable effects in improving crop yield and quality by enhancing nutrient uptake, promoting plant growth, and increasing resilience to environmental stress. In this study, the effects of magnetic–electric-activated water irrigation and foliar biostimulant application on cotton growth and yield were investigated, with the aim of understanding the underlying mechanisms. The field experiment included various irrigation treatments (brackish water, fresh water, magnetic–electric brackish water, and magnetic–electric fresh water) and biostimulant concentrations (1600, 1200, 800, 400 times dilution, and no spraying). SEM analysis indicated that under magnetoelectric water irrigation, the foliar application of biostimulants enhances physiological growth of cotton, improving the water and nutrient uptake efficiency, and thereby increasing yield. Specifically, the effective boll number and single boll weight under magnetic–electric fresh water irrigation with an 800 times biostimulant concentration increased by 21.84–48.78% and 5.50–18.91%, respectively, compared to the no-spraying treatment. The seed cotton yield rose by 16.61–38.63%, water-use efficiency improved by 24.35%, the harvest index reached 0.33, and nitrogen absorption increased by 76.21%. Thus, integrating magnetic–electric water irrigation with foliar biostimulants offers a theoretical and technical foundation for advancing green, high-quality agriculture and sustainable production.