In order to explore the effects of different conservation tillage measures on soil water conservation, and the effects of different fertilization treatments on yield and income of spring maize in continuous cropping spring maize field of dryland, field experiments were conducted in 2014 to 2016. We studied the water conservation effects of three types of tillage methods (no-tillage, subsoiling and plowing) during winter leisure periods, and the effects of the combination of three kinds of tillage treatments and three fertilization treatments (high organic fertilizer, medium organic fertilizer and low organic fertilizer) on the soil water dynamics, yield and economic benefits of spring maize during maize growth period. The results showed that no-tillage and subsoiling were better in water conservation. In the winter leisure periods of the two experimental years, no-tillage and subsoiling were 1.3 and 0.9 percent points higher than that of ploughing. Compared with plowing treatment, the average soil water storage in 0-200 cm soil layer in two years was increased by 20.8 mm and 22.1 mm in no-tillage and subsoiling treatments, respectively. During the growth period of maize, under the condition of high organic fertilizer, the average soil water storage in the 0-200 cm soil layer of no-tillage and subsoiling treatment was 44.2 mm and 34.6 mm higher than that of plowing treatment. The yield, WUE and net yield of the high organic fertilizer and subsoiling treatment were the highest, and the average yield, WUE and net yield of two years were 9 332.40 kg/hm², 22.01 kg/(hm²·mm)and 5 104.1 yuan/hm², respectively, followed by high organic fertilizer and no-tillage treatment, the yield and income of the high organic fertilizer and subsoiling treatment was increased by 7.4% and 3.9%, respectively, compared with the high organic fertilizer and no-tillage treatment. Considering comprehensively the effect of soil water conservation and the effect of increasing yield and income of maize, high organic fertilizer and subsoiling treatment was the best combination for continuous cropping maize field in arid area.