Monitoring nitrogen (N) and phosphorous (P) losses on farmland is essential for the prevention of agricultural non-point source pollution (NPS). This study was conducted on typical dry farmland in southern China to determine the effect of conservation tillage and conventional tillage (CT) on soil physical and chemical properties, nutrient movement, as well as on N and P losses. Four conservation tillage techniques (i.e., no-tillage direct seeding (NTDS), no-tillage transplanting (NTTS), minimum tillage direct seeding (MTDS), and minimum tillage transplanting (MTTS)), as well as one CT technique, were carried out in a randomized complete block design with three replicates each. The results suggest that MTDS and NTDS improved soil physical and chemical properties by ensuring adequate retention of these properties at the 0–20 cm soil depth. Low levels of N and P losses in runoff and drainage water were recorded under NTTS and NTDS compared to CT. Our results, therefore, suggest that conservation tillage approaches, such as MTDS and NTDS, are the most suitable tillage techniques for improving soil nutrients and reducing agricultural N and P losses while providing an eco-friendly and sustainable agricultural practice.