In China’s subtropical rice–wheat cropping system, the changes in the soil organic carbon (SOC) pool due to long-term straw return and its connection with crop yield remain unclear. This study aims to provide insights into establishing a sensible straw return system by evaluating the differences in the distribution and variation rates of SOC, light fraction organic carbon (LFOC), heavy fraction organic carbon (HFOC), particulate organic carbon (POC), and mineral-associated organic carbon (MOC) in the 0–20 cm soil layer under different durations of straw return. Additionally, the study analyzes the relationship between the changes in SOC and its fractions and wheat yield. The experiment was conducted in 2019 in a rice–wheat rotation field with ten years of straw return treatments: no straw return (NR) or 1, 2, 3, 4, 5, 6, 7, 8, 9 year(s) of straw return (SR1–9), and an additional treatment in 2020 (10 years of straw return, SR10). The results revealed that with an increase in the duration of straw return, the contents of SOC, LFOC, HFOC, and POC gradually increased, showing the highest increments of 45.88%, 187.22%, 41.55%, 97.89%, and 28.21%, respectively, compared to the NR treatment. However, after eight years of straw return, the compound annual increase in soil organic carbon and its components was lower than in years 1–8, indicating a trend of diminishing increments. The SOC content and its variation were significantly correlated with the content and variation of LFOC, HFOC, POC, and MOC, with the highest sensitivity observed for the variation in LFOC, indicating the strong influence of the duration of straw return. The SOC and its fraction contents showed significant positive correlations with wheat yield, with the highest contribution to wheat yield increase attributed to an increase in LFOC content. In summary, straw return enhances the 0–20 cm deep soil carbon pool, with LFOC being the most sensitive indicator, reflecting the influence of the duration of straw return on soil carbon pools.