Depleting water resources in many regions of the world and increasing fertilizer nitrogen (N) cost necessitate efficient resource use. This is crucial in shallow-rooted crops like potato due to a great probability of water and N loss. In Indian Punjab, autumn potato experiences high temperature at planting time that causes poor growth and tuber yield. Mulching with crop residues provides favorable soil hydrothermal conditions that may enhance yield and economize irrigation and N use. This study examined the combined effects of residue mulch, irrigation, and N regimes on potato productivity in two soils in a subtropical environment of north-west India. Treatments included combinations of two mulch rates (0 and 6 t ha−1 rice residues) in main plots, three irrigation regimes (irrigation water to pan evaporation ratio of 2.0, 1.4, and 0.8 in the sandy loam and 2.0, 1.5, and 1.0 in the loamy sand) in subplots and four N rates (0, 135, 180, and 225 kg ha−1) in sub-subplots with three replications. Potato was planted in the second week of October with recommended doses of P2O5 and K2O and harvested in the last week of January. Tuber yield was higher in the sandy loam than in the loamy sand soil reflecting effects of available water capacity and inherent fertility. Mulching improved tuber yield by 22% on the sandy loam and by 31% on the loamy sand. Irrigation benefits were more in the sandy loam (20%) than in the loamy sand (14%). Nitrogen response was also greater in the sandy loam soil. Interactions between mulching and irrigation showed that yield gains from mulching were greater in less frequent irrigation regimes. For a given yield, mulching saved 90–100 mm of irrigation water. Mulching benefits were also greater at low N regimes, demonstrating a saving of 90 kg N ha−1 for a given yield. Mulching and N enhanced water productivity (WP), and these effects were greater in less frequent irrigations. Mulching effects on tuber yield, irrigation, and N economy are attributed to its effects on moderation of soil temperature and reduction in soil water evaporation.