Of all the crops, rice is the one that consumes the most water. Rice yields and quality are significantly influenced by irrigation. However, it is still unknown how different irrigation practices would affect the grain yield and quality of water-saving and drought-resistant rice. Hyou 518 (high-yielding rice variety) and Hanyou 73 (water-saving and drought-resistant rice variety) were employed as materials. Three irrigation regimes were set up in the field: conventional flooding irrigation (CF), alternate wetting and moderate soil drying irrigation (AWD), and dry cultivation (D). It was investigated how various irrigation regimes affected the two varieties’ yield and quality. The results revealed the following: 1. D considerably increased water-use efficiency while drastically reducing the yield, compared to CF and AWD. In comparison to other irrigation regimes, the grain yield and water use efficiency of Hanyou 73 enhanced synergistically under AWD treatment. 2. In contrast to CF treatment, AWD and D (especially) treatments decreased perfect rice kernel, total starch content, amylose content, amylopectin content, amylose/amylopectin, gel consistency, and breakdown, but increased green rice kernel, chalky kernel, protein content, and setback. 3. After heading, AWD and D lowered, and D treatment decreased more, the activities of ADP-glucose pyrophosphorylase (AGP), soluble starch synthase (SSS), and starch branching enzyme (SBE). AGP, SSS, and SBE were strongly inversely linked with perfect rice kernel, amylopectin content, gel consistency, and breakdown, but significantly negatively correlated with green rice kernel, chalky kernel, protein content, and setback. The results indicate that with AWD treatment, Hanyou 73 might provide a synergistic boost grain production, water-use efficiency, and quality. D treatment could significantly improve water-use efficiency. Compared with Hyou518, Hanyou 73 could maintain higher AGP, SSS, and SBE activities, head milled rice, perfect rice kernel, amylopectin content, and gel consistency under AWD and D treatment.