The transformation and upgrading of traditional agriculture are required to address its shortcomings and deficiencies, which have resulted in environmental pollution or water problems. Precision agriculture emerged at the historic moment to solve the current problems. Field information collection, information management and decision-making, and execution systems are the three key links of precision fertilization and irrigation. The technical principle and application of field information acquisition systems are analyzed. The information management and decision-making system describes the management and summary of information in crop growth. The execution system combines the knowledge of various disciplines and experts for targeted applications to specific crops. It further focuses on the core implementation system, that is, variable fertilization technology and variable spraying technology that can realize variable operations. Major contributions from different countries, institutions, corresponding authors, and journals are presented in detail. This study proposes several suggestions and ideas based on the research status and progress of the three key systems to provide a theoretical basis and technical support for the research and development of key technologies and innovative devices of precision agricultural fertilization and irrigation.