In this study, we conducted field experiments to assess the effects of the combined application of Chinese milk vetch (Astragalus sinicus L., CMV) and red mud (RM) to remediate the cadmium-polluted acidic paddy soil. The results showed that the combined application increased the yield component index and improved the grain yields, compared with the control, RM1, RM2, and CMV treatments. However, the increased range of soil pH values in the CMV-RM1 and CMV-RM2 treatments was smaller than that of the RM1 and RM2 treatments at the different rice growth stages. The soil organic matter (SOM) contents of the RM-only treatments did not differ throughout the whole period, but were significantly different (p < 0.05) between CMV-RM2 and the control. Compared with the control, the combined application decreased the concentration of exchangeable Cd in the early rice soil. The combined application of CMV and RM substantially decreased the rice uptake of Cd. However, we found no significant difference (p < 0.05) between the CMV-RM1 and CMV-RM2 treatments. Therefore, compared with remediation with RM or CMV alone, we recommend the combined application of CMV and RM as an economical, highly effective, and replicable amendment for remediating acidic, Cd-polluted paddy soil. Considering the restorative effect and proper use of RM, we recommend CMV-RM1 treatment.