For sustainable biomass production of Miscanthus × giganteus (hereafter miscanthus), understanding the impact of stand age and nitrogen (N) fertilization on biomass yield is crucial. This study investigated the effects of varying N fertilization rates (0, 56, 112, and 168 kg N ha−1) on yield components (tiller height, density, and weight) and their correlations with end‐of‐season biomass yield in miscanthus. We also explored end‐of‐season biomass yield prediction using in‐season traits (canopy height, leaf area index, and leaf chlorophyll content [LCC]). The study was conducted at two sites in Illinois: a previously unfertilized 10‐year‐old miscanthus research stand at Urbana and a 16‐year‐old commercial stand at Pesotum with a history of annual 56N application. Results from 2018 to 2021 in Urbana and 2020 to 2021 in Pesotum showed increased biomass yields with N fertilization, varying by rate, year, and location. Biomass yield in Pesotum peaked at 56N, while in Urbana, it increased significantly at 112 kg N ha−1. Biomass yield was strongly correlated with tiller height and weight measured at Urbana across N rates. Morphological traits measured every 2–3 weeks during the 2020 and 2021 growing seasons showed that canopy height was the strongest single predictor of miscanthus biomass yield, followed by LCC. Mid‐August to September measurements of these traits were the best predictors of biomass yield. Multiple regressions involving the canopy height and LCC further improved yield predictions. We conclude that while N enhances biomass yields of aging miscanthus, the optimum rate depends on the site, environmental conditions, and management history.