Improving the economic benefits of Camellia oleifera is a major problem for C. oleifera growers, and girdling and foliar fertilizer have significant effects on improving the economic benefits of plants. This study explains the effects of girdling, girdling + foliar fertilizer on nutrient distribution, and the economic benefits of C. oleifera at different times. It also explains the N, P, and K contents of roots, leaves, fruits, and flower buds (sampled in March, May, August, and October 2021) and their economic benefits. The results showed girdling promoted the accumulation of N and K in leaves in March 2021 (before spring shoot emergence) but inhibited the accumulation of P, which led to the accumulation of P in roots and that of N in fruits in August 2021 (fruit expansion period). Foliar fertilizer application after girdling replenished the P content of leaves in March 2021, and P continued to accumulate in large quantities at the subsequent sampling time points. The N and P contents of the root system decreased in March. In October (fruit ripening stage), girdled shrubs showed higher contents of N and K in fruits and flower buds, and consequently lower relative contents of N and K in roots and leaves but higher content of P in leaves. Foliar fertilizer application slowed down the effects of girdling on nutrient accumulation in fruits and flower buds. Spraying foliar fertilizer decreased the N:P ratio in the flower buds and fruits of girdled plants. Thus, foliar fertilizer spray weakened the effects of girdling on the nutrient content and economic benefits of C. oleifera. In conclusion, girdling changed the nutrient accumulation pattern in various organs of C. oleifera at different stages, increased leaf N:K ratio before shoot emergence, reduced root K content at the fruit expansion stage and the N:K ratio of mature fruit, and promoted economic benefits.