The precise estimation of sugarcane yield at the field scale is urgently required for harvest planning and policy-oriented management. Sugarcane yield estimation from satellite remote sensing is available, but satellite image acquisition is affected by adverse weather conditions, which limits the applicability at the field scale. Secondly, existing approaches from remote sensing data using vegetation parameters such as NDVI (Normalized Difference Vegetation Index) and LAI (Leaf Area Index) have several limitations. In the case of sugarcane, crop yield is actually the weight of crop stalks in a unit of acreage. However, NDVI’s over-saturation during the vigorous growth period of crops results in significant limitations for sugarcane yield estimation using NDVI. A new sugarcane yield estimation is explored in this paper, which employs allometric variables indicating stalk magnitude (especially stalk height and density) rather than vegetation parameters indicating the leaf quantity of the crop. In this paper, UAV images with RGB bands were processed to create mosaic images of sugarcane fields and estimate allometric variables. Allometric equations were established using field sampling data to estimate sugarcane stalk height, diameter, and weight. Additionally, a planting density estimation model at the pixel scale of the plot was created using visible light vegetation indices from the UAV images and ground survey data. The optimal planting density estimation model was applied to estimate the number of plants at the pixel scale of the plot in this study. Then, the retrieved height, diameter, and density of sugarcane in the fields were combined with stalk weight data to create a model for estimating the sugarcane yield per plot. A separate dataset was used to validate the accuracy of the yield estimation. It was found that the approach presented in this study provided very accurate estimates of sugarcane yield. The average yield in the field was 93.83 Mg ha−1, slightly higher than the sampling yield. The root mean square error of the estimation was 6.25 Mg ha−1, which was 7.12% higher than the actual sampling yield. This study offers an alternative approach for precise sugarcane yield estimation at the field scale.