The productivity of fodder legumes, based on internal sources of N, may be limited due to an insufficient supply of nutrients responsible for the efficient use of N accumulated by the crop during the growing season. Production risk occurs on soils that are naturally poor or depleted in nutrients that are decisive for the fixation and utilization of N2 by alfalfa. This hypothesis was validated on the basis of a field experiment with an alfalfa–grass mixture carried out over three main seasons (2012−2014) on soil low in available potassium (K), calcium (Ca), and sulfur (S). The experiment involved two factors that contained two levels of applied gypsum (GYP: 0, 500 kg ha−1) fertilized with P and K (POT: absolute control—AC, P60K0, P60K30, P60K60, and P60K120). In each main season of the alfalfa–grass mixture, the sward was mowed three times (three cuts). The total sward yield (TY) reached its maximum in the second main season (15.6 t DW ha−1), then it significantly decreased. The sward yield of the third cut was the main driver of the TY. The content of P in the first cut, and especially P and S in the third cut of the sward, affected the N:P and P:S ratios, which, in turn, determined the productivity of the alfalfa–grass mixture. The total amount of accumulated N (TN) in the sward significantly responded to gypsum and PK fertilizers. In the first and third main seasons, the highest TN was found on the plot fertilized with both gypsum and 120 kg K2O ha−1. In the second main season, the TY was determined by PK dose, being variable in successive years. The highest total N accumulation (TN) was recorded in the second main season. It reached 504 kg N ha−1 on the plots with GYP−0 and 436 kg N ha−1 for GYP−500. However, the corresponding TY was 16.7 and 17.3 t DW ha−1. This apparent discrepancy was due to the much higher productivity of N, which was 33.2 and 39.6 kg fodder DW ha−1 TN, respectively. These two characteristics clearly indicate that the productivity of the accumulated N by the alfalfa–grass sward was significantly restricted by the shortage of P and S. The studies clearly emphasized that the sward of the alfalfa–grass mixture grown on soil depleted in available K, Ca, and S responds significantly to the combined application of gypsum and potassium, but provides effective control of the P supply, even on soil rich in available P.