Fertilization management is essential for forage production. However, excessive use of synthetic fertilizers causes environmental imbalances. An alternative to reduce these effects is to seek alternative fertilizers, such as wood ash produced from agro-industrial waste, when integrated with appropriate base saturation management. This study aims to compare the effects of fertilization with wood ash (WA), organomineral (OM), and mineral (M) fertilizers associated with different levels of base saturation on the growth and water productivity of Panicum maximum cv. BRS Zuri. The experiment was conducted in a greenhouse, using a randomized block design in a 3 × 3 factorial arrangement. The treatments consisted of three types of fertilization (WA, OM and M) and three levels of base saturation (0, 25%, and 50%). Leaf area, chlorophyll index, shoot dry mass and root dry mass, water consumption, and water productivity of Zuri grass were evaluated. The results showed significant increases in leaf area, with values of up to 4564.5 cm2.pot−1 and a chlorophyll index of up to 36.2 units. In addition, the dry mass of the aerial part reached up to 46.7 g.pot−1, and the dry mass of the roots reached 21.7 g.pot−1 with the use of OM fertilizers. These values represent an increase of between 43.1% and 69.6% compared to the values of conventional fertilizers. In addition, water productivity reached 4.9 g.L−1 with WA-based fertilizers, an increase of around 39% compared to the values of mineral fertilizers.