In view of the new situation of reducing the fertilizer application and increasing the efficiency in rice production in Northern Huaihe River Valley, the effects of new fertilizers such as Fenghui urea, Jiduosu and loss-control fertilizer on yield and its components, quality traits, and economic benefits of Lianjing 15 and Nanjing 5718 were studied, to explore the effective fertilization methods for increasing yield and improving quality of rice at reduced chemical fertilizer level. The results showed that two combinations of “loss-control fertilizer + Jiduosu + Fenghui urea” and “loss-control fertilizer + Jiduosu + conventional urea” could reasonably combine increased economic benefits based on chemical fertilizer cut with the increase in rice yield and quality, and enjoy a good prospect for demonstration and promotion.