Film-stalk spaced dual mulching is a new type of cultivation measure that is increasingly highlighted in semi-arid areas in China. Despite its potential, there is limited understanding of how different mulching materials affect both soil quality and crop yield in these areas. To address this gap, we conducted a two-year (2020–2021) field experiment in central China to explore the yield-enhancing mechanisms and assess the impact of various mulching materials on soil and corn yield. The experiment comprised six treatments, i.e., plastic film-whole stalk spaced mulching in fall (PSF), plastic film-whole stalk spaced mulching in spring (PSS), black and silver plastic film-whole stalk spaced mulching in spring (BPSS), biodegradable film-whole stalk spaced mulching in spring (BSS), liquid film-whole stalk spaced mulching in spring (LSS), and non-mulching cultivation (CK). Results revealed that BPSS demonstrated the most significant yield increase, surpassing CK by a notable 10.0% and other mulching treatments by 2.4%–5.9%. The efficacy of BPSS lied in its provision of favorable hydrothermal conditions for corn cultivation, particularly during hot season. Its cooling effect facilitated the establishment of optimal temperature conditions relative to transparent mulching, leading to higher root growth indices (e.g., length and surface area), as well as higher leaf photosynthetic rate and dry matter accumulation per plant. Additionally, BPSS maintained higher average soil moisture content within 0–100 cm depth compared with biodegradable mulching and liquid mulching. As a result, BPSS increased activities of urease, catalase, and alkaline phosphatase, as well as the diversity and abundance of soil bacteria and fungi in the rhizosphere zone of corn, facilitating nutrient accessibility by the plant. These findings suggest that selecting appropriate mulching materials is crucial for optimizing corn production in drought-prone areas, highlighting the potential of BPSS cultivation.