Phosphorus (P) and potassium (K) affect seedling growth, root configuration, and nutrient uptake in hydroponic rice, but there are few studies on all growth stages of rice. The purpose of this experiment was to determine the response characteristics of root morphology, plant physiology, and P and K uptake and utilization efficiency to different supplies of P and K. Two local conventional rice varieties (Shennong 265 and Liaojing 294) were used as experimental materials across four treatments, including HPHK (sufficient P and K supply), HPLK (sufficient P supply under low K levels), LPHK (sufficient K supply under low P levels) and LPLK (low P and K levels) in a hydroponic setting. The results showed that HPHK and HPLK significantly decreased the acid phosphatase activity of leaves and roots from full heading to filling stages when compared to LPHK and LPLK. Sufficient supply of P or K significantly increased the accumulation of P and K (aboveground, leaves, stem sheath, and whole plant) and root morphological parameters (root length, root surface area, total root volume, and tips) during major growth stages when compared to LP or LK levels. HPHK was significantly higher than other treatments in terms of dry weight and the root activity at the main growth stage, P and K uptake rates in nutrient solutions at various stages, related P and K efficiency at the maturity stage, yield, effective panicle number, and grain number per panicle. In addition, the effect of HPHK on the above indexes were significantly greater than those of single sufficient supply of P or K. In conclusion, HPHK can improve plant configuration, increase plant P and K absorption and root activity, and increase rice yield and related P and K utilization efficiency.