Optimizing tillage and seeding strategies is important for increasing crop productivity and nitrogen use efficiency (NUE) while reducing environmental impact. A newly developed innovative no-till seeding (INtS) technology was shown to effectively enhance seeding quality and increase wheat yield in wet clay soil after puddled rice harvest in the Yangtze River Basin (YRB) of China. However, comprehensive assessments of the yield, NUE, and eco-environmental benefits of INtS technology have not been performed. The present study conducted a consecutive three-year field experiment combining field plots and microplots with the 15N tracer method using two wheat seeding technologies (INtS and typical rotary-till seeding (TRtS) technology) and three nitrogen (N) application rates (0, 90, and 180 kg ha−1). The study evaluated the yield, NUE, fate of fertilizer/straw N, N budgets, and environmental footprints of wheat production after rice harvesting. The results showed that compared with TRtS, the average yield, N uptake and NUE of wheat under INtS technology increased by 27.2%, 28.9%, and 31.9%, respectively. By tracing the multi-seasonal fate of 15N-labeled fertilizer/straw N in soil-crop systems, it was found that 43.8% and 6.0% of fertilizer N and rice straw N applied in the first wheat growing season were recovered by wheat plants in the same season under INtS technology, which significantly decreased to 29.0% and 4.1% for TRtS technology. Over the five growing seasons, the cumulative recoveries of fertilizer and straw N for INtS technology were 26.2% and 15.6% higher, while the total fertilizer and straw N losses were 20.6% and 20.0% lower than those for TRtS technology, respectively. Over 50% of straw N remained in the soil after the fifth growing season, while only 14.5–23.6% of fertilizer N remained. In addition, INtS technology significantly reduced the fertilizer/straw N losses when applied in the subsequent rice growing season. Unlike TRtS technology, INtS could maintain a low-level soil N balance (2.1 kg N ha−1 for N180) and generate less soil surface N surplus in the wheat growing season. On average, INtS significantly reduced the carbon footprint and N footprint in the wheat growing season by 26.8% and 19.1%, respectively. In conclusion, INtS technology can significantly improve crop production and agricultural sustainability while minimizing negative environmental impacts for wheat production after rice cultivation in the YRB of China and other areas of the world with similar field conditions.