Low-gluten rice cultivar D105 was grown in the field under five nitrogen (N) treatments (N0: 0, N90: 90, N135: 135, N180: 180, and N225: 225 kg·hm−2) to investigate the effect of N application rate on the yield and the resulting dynamic changes in protein content, grain processing quality, and relative content of each component protein. The results indicated that the number of effective panicles, seed setting rate, the number of solid grains, dry matter, leaf nitrate reductase and glutamine synthetase activities, and yield increased with N application rate ranging from 0 to 180 kg·hm−2. However, the seed setting rate and the number of solid grains decreased under N225 treatment, leading to a decline in yield. At maturity, 35 days after flowering, no significant differences between albumin and gliadin in the rice grain were found among the N treatments, while globulin and gluten differed among treatments, indicating that the effect of N application rate on the former was slightly the opposite to that observed on the latter. Further, the N application rates did not change the proportions of component proteins relative to the total protein content in the grain. Processing and taste qualities of D105 low-gluten rice were optimal in the N135 and N180 treatments, and the overall rice quality decreased under the N225 treatment. Therefore, the optimal N application rate for yield and processing quality of D105 low-gluten rice is N180: 180 kg·hm−2.