The conventional double cropping system of winter wheat and summer maize (WW-SUM) in the North China Plain (NCP) consumes a large amount of water and chemical fertilizer, threatening the sustainable development of agriculture in this region. This study was based on a three-year field experiment of different cropping systems (2H1Y—two harvests in one year; 3H2Y—three harvests in two years; and 1H1Y—one harvest in one year). The 2H1Y system had three irrigation–fertilization practices (FP—farmer’s practice; RI—reduced input; and WQ—Wuqiao pattern in Wuqiao County, Hebei Province). A soil–crop system model (WHCNS—soil water heat carbon nitrogen simulator) was used to quantify the effects of different cropping systems on water and nitrogen use efficiencies (WUE and NUE, respectively), and to explore the trade-offs between crop yields and environmental impacts. The results showed that annual yield, water consumption, and the WUE of 2H1Y were higher than those of the 3H2Y and 1H1Y systems. However, local precipitation during the period of crop growth could only meet 65%, 76%, and 91% of total water consumption for the 2H1Y, 3H2Y and 1H1Y systems, respectively. Nearly 65% of irrigation water (groundwater) was used in the period of wheat growth that contributed to almost 40% of the annual yield. Among the three patterns of the 2H1Y system, the order of the WUE was 2H1Y_RI > 2H1Y_WQ > 2H1Y_FP. Compared to 2H1Y_FP, the total fertilizer N application rates in 2H1Y_WQ, 2H1Y_RI, and 3H2Y were reduced by 25%, 65%, and 74%, respectively. The 3H2Y system had the highest NUE of 34.3 kg kg−1, 54% greater than the 2H1Y_FP system (22.2 kg kg−1). Moreover, the 3H2Y system obviously reduced nitrate leaching and gaseous N loss when compared with the other two systems. The order of total N loss of different cropping systems was 2H1Y (261 kg N ha−1) > 1H1Y (78 kg N ha−1) > 3H2Y(70 kg N ha−1). Considering the agronomic and environmental effects as well as economic benefits, the 3H2Y cropping system with optimal irrigation and fertilization would be a promising cropping system in the NCP that could achieve the balance between crop yield and the sustainable use of groundwater and N fertilizer.