Water resource deficiency and low nitrogen use efficiency are very common in Huang Huai-Hai Plain (HHP). In order to deal with these problems, the experiment, using SM15 as the tested winter wheat cultivar, with different water supplies and nitrogen fertilizer combinations (two types of fertilizers, two application rates, two water supply levels), was carried out in the lysimeters in 2015-2017. The photosynthetic characteristics of all the treatments showed the same variation pattern:the flag leaf photosynthetic rate, transpiration rate and leaf water use efficiency (LWUE) increased firstly and then decreased. The flag leaf photosynthetic rate of W1 water supply quantity of 500 mm was significantly higher than that of W2 (water supply quantily of 250 mm), and the flag leaf photosynthetic rate of 180 kg/hm² was significantly higher than that of nitrogen application of 90 kg/hm². Cormparing with the application of inorganic fertilizers, the application of organic fertilizer could ensure the higher growth rate of flag leaf photosynthesis. The grain yield and dry matter accumulation in the W1M1 (water supply quantity of 500 mm and application of organic manure with about 180 kg/hm² treatment) were significantly higher than those in other treatments in the two growing seasons. According to the photosynthetic characteristics and grain yields of winter wheat, the experiment areas with organic fertilizers got higher yield and the rate of increasing production than those with inorganic. W1M1 was the best treatment, which had the highest yield and better photosynthetic characteristics.