Living mulches growing below asparagus (Asparagus officinales) fern can improve soil health and suppress weeds but may also suppress asparagus through competition for water or nutrients. The central objective of this research was to test whether cereal rye (Secale cereale) living mulch, in combination with overhead irrigation, could provide comparable weed suppression to standard residual herbicides without reducing asparagus yields. A field experiment was conducted from 2008 to 2010 in a mature asparagus planting on sandy soils in western Michigan to evaluate the effects of irrigation (none vs. overhead) and weed management systems (standard herbicides vs. rye living mulch) on weed suppression, soil moisture content, and asparagus yield. Rye living mulch and herbicide treatments were established immediately after asparagus harvest in late June of each year. Rye living mulch reduced soil-available water in early August by 26% to 52% compared with herbicide treatments but had no detectable effect on asparagus yields. Compared with herbicide treatments, rye living mulch reduced fall-germinating weed emergence and resulted in lower densities of horseweed (Conyza canadensis) during asparagus harvest. However, in 2 of 3 years, the living mulch system resulted in higher densities of summer annual weeds—including Powell amaranth (Amaranthus powellii) and longspine sandbur (Cenchrus longispinus)—during the fern growth period compared with herbicide treatments. After 3 years, the density of summer annual weeds was more than 10-fold greater in rye living mulch treatments compared with standard residual herbicides treatments. Our results suggest that 1) soil-improving rye cover crops can partially suppress weeds but may also compete with asparagus for soil moisture in dry years unless irrigation is used; and 2) successful use of rye living mulches for weed management will depend on identification of complementary weed management practices to avoid build-up of the summer annual weed seedbank.