Returning straw-like agricultural waste to the field by converting it into hydrochar through hydrothermal carbonization (HTC) is an important way to realize resource utilization of waste, soil improvement, and carbon sequestration. However, the large-scale HTC is highly limited by the large water consumption and waste liquid pollution. Here, we propose strategies to optimize the liquid-solid ratio (LSR) of HTC, and comprehensively evaluate the stability, soil application potential, and economic benefits of corn stover-based hydrochar under different LSRs. The results showed that the total amount of dissolved organic carbon of hydrochars increased by 55.0% as LSR reducing from 10:1 to 2:1, while the element content, thermal stability, carbon fixation potential, specific surface area, pore volume, and functional group type were not obviously affected. The specific surface area and pore volume of hydrochar decreased by 61.8% and 70.9% as LSR reduced to 1:1, due to incomplete carbonization. According to the gray relation, hydrochar derived at LSR of 10:1 and followed by 2:1 showed greatest relation degree of 0.80 and 0.70, respectively, indicating better soil application potential. However, reducing LSR from 10:1 to 2:1 made the income of single process production increased from −388 to 968 ¥, and the wastewater generation decreased by 80%. Considering the large-scale application of HTC in fields for farmland improvement and environmental remediation, the comprehensive advantages of optimized LSR will be further highlighted.