Water and nitrogen (N) are recognized as the primary determinants influencing the development and output of winter wheat. They affect the growth of winter wheat not only through their own changes, but also through their interaction. The translocation and accumulation of pre- and post-anthesis assimilates (including dry matter and N) are important physiological processes in winter wheat, which are closely related to the resource use efficiency and yield. However, a dearth of research exists that examines the complex interplay between varying water levels, especially severe water deficit, and N deficiency levels on the growth dynamics of winter wheat. The purpose of this study was to quantify and compare the effects of different degrees of water deficit and N interaction on assimilate translocation, water and N use efficiency and yield of winter wheat. A four-year long-term field experiment conducted under the rain-out shelter including four irrigation and two N levels was launched during 2019–2023. This method avoided the impact of precipitation on water treatment and helped to achieve serious water deficit treatment. The findings indicated that the higher N application improved the wheat's ability by 49.6 % - 362.3 % to utilize the available soil water. The pre- and post-anthesis translocation and accumulation of assimilates (including dry matter and N) in winter wheat increase alongside elevated levels of water and N application, except under severe water deficit treatment. Plants under mild to moderate water deficit were better able to translocate the pre-anthesis assimilates. However, the severe water deficit hindered the re-translocation of assimilates before anthesis. Providing additional N during periods of severe water scarcity leads to a 13.4 % - 44.7 % reduction in water use efficiency (WUE). Furthermore, both the irrigation water use efficiency and WUE diminished by 10.3 % - 60.5 % and 4.5 % - 41.4 % with higher levels of irrigation, while improved by 24.4 % - 48.2 % and 12.6 % - 39.4 % with higher N application rates. Conversely, N partial factor productivity and N use efficiency followed the opposite trend. Similar to WUE, increasing N application under severe water deficit would result in a yield reduction of 38.7 %. The reduction in crop yield resulting from severe water stress was primarily ascribed to the decline in the kernels number per spike (up to 74.9 %), with the reduction in spike number per unit area following closely behind (up to 29.1 %). This integrated approach, combining resource use efficiency with a detailed assessment of assimilate dynamics, provides a holistic view of how water and N management strategies impact winter wheat performance. The findings will offer precise insights for developing targeted irrigation and N scheduling strategies for sustaining both winter wheat production and environmental sustainability.