The effect of long-term straw return on crop yield, soil potassium (K) content, soil organic matter, and crop response to K from both straw and chemical K fertilizer (K2SO4) were investigated in a fixed site field experiment for winter wheat-summer maize rotation in 6 years for 12 seasons. The field experiment was located in northern part of North China Plain with a sandy soil in relatively low yield potential. Two factors, straw return and chemical K fertilizer, were studied with two levels in each factor. Field split design was employed, with two straw treatments, full straw return of previous crop (St) and no straw return, in main plots, and two chemical K fertilizer treatments, 0 and 60 kg K2O ha−1, as sub-plots. The results showed that straw return significantly increased yields of winter wheat and summer maize by 16.5 and 13.2% in average, respectively, and the positive effect of straw return to crop yield showed more effective in lower yield season. Straw return significantly increased K absorption by the crops, with significant increase in straw part. In treatment with straw return, the K content in crop straw increased by 15.9 and 21.8% in wheat and maize, respectively, compared with no straw return treatment. But, straw return had little effect on K content in grain of the crops. Straw return had significant influences on total K uptake by wheat and maize plants, with an increase of 32.7 and 30.9%, respectively. There was a significant correlation between crop yield and K uptake by the plant. To produce 100 kg grain, the wheat and maize plants absorbed 3.26 and 2.24 kg K2O, respectively. The contents of soil available K and soil organic matter were significantly affected by the straw return with an increase of 6.07 and 23.0%, respectively, compared to no straw return treatment. K2SO4 application in rate of 60 kg K2O ha−1 showed no significant effect on wheat and maize yield, K content in crop straw, total K uptake by the crops, soil available K content, and soil organic matter. The apparent K utilization rate (percentage of applied K absorbed by the crop in the season) showed difference for wheat and maize with different K sources. In wheat season, the K utilization rate from K2SO4 was higher than that from straw, while in maize season, the K utilization rate from straw was higher than that from chemical fertilizer. In the whole wheat-maize rotation system, the K absorption efficiency by the two crops from straw was higher than that from K2SO4.