To investigate the effects of no-tillage mulching combined with organic and formula fertilizers on rapeseed yield and water-fertilizer use efficiency in the middle-lower Yangtze River region, a field plot experiment was conducted using Brassica napus cultivar 'Dadi 199'. Four treatments were established: T1 (conventional cultivation without fertilization), T2 (conventional cultivation with conventional fertilization), T3 (conventional cultivation with formula fertilizer), and T4 (no-tillage mulching combined with organic and formula fertilizers). The study analyzed the impacts of different treatments on photosynthetic parameters, yield components, nutrient accumulation, and water-fertilizer use efficiency. Results demonstrated that compared to T2 and T3, T4 enhanced net photosynthetic rate, SPAD value, leaf area, and water use efficiency, with statistically significant differences versus T2 (p <0.05). The 20.5% and 12.0% yield increases in T4 relative to T2 and T3 respectively were primarily achieved through improved siliques per plant, seeds per silique, and 1000-seed weight. Among all treatments, T4 showed the highest nitrogen, phosphorus, and potassium accumulation and nutrient proportion in seeds, though its P and K accumulation in roots, stems, and silique walls were lower than T2. The fertilizer contribution rate, agronomic efficiency, partial factor productivity, physiological efficiency, and water use efficiency all followed the order T4>T3>T2, with T4 exhibiting 16.5%, 53.1%, 31.2%, 48.7%, and 20.7% improvements over T2 respectively. All these differences between T4 and T2 were statistically significant except for fertilizer contribution rate. Although T3 showed better water-fertilizer use efficiency than T2, their differences were not significant. In conclusion, the no-tillage mulching combined with formula and organic fertilizers represents a promising cultivation model that can be promoted in the middle-lower Yangtze River region for achieving high yields of rapeseed and high efficiency of water and fertilizer utilization.