The co-application of water, fertilizer, and air is a new water-saving irrigation method based on drip irrigation technology, which can effectively alleviate the phenomenon of soil rhizosphere hypoxia, improve water and fertilizer utilization efficiency, and inhibit the clogging of irrigation equipment in drip irrigation systems. The performance of drip irrigation systems is one of the important factors affecting the effectiveness of the co-application of water, fertilizer, and air. However, the impact of factors such as the aeration method, fertilization device, and working parameters on the performance of drip irrigation systems for the co-application of water, fertilizer, and air is still unclear. Therefore, based on two typical aeration methods, i.e., micro-nano and Venturi aeration, the performance of a drip irrigation system under the co-application of water, fertilizer, and air was studied by comparing and analyzing the effects of different aeration methods, working pressures of the drip irrigation system, and the pressure difference between the inlet and outlet of fertilizer irrigation on the spatial distribution uniformity of water, fertilizer, and air in the drip irrigation pipeline network. The results showed that the pressure difference between the inlet and outlet of fertilization irrigation had no significant impact on system performance, while the working pressure significantly affected system performance. Compared with the effective effect of Venturi aeration on system performance, micro-nano aeration can significantly affect drip irrigation system performance and effectively improve drip irrigation system performance. The micro-nano-aerated drip irrigation system with the co-application of water, fertilizer, and air under a working pressure of 0.1 MPa has better system performance. The research results are of great significance for revealing the mechanism underlying the impact of the co-application of water, fertilizer, and air on the performance of drip irrigation systems and constructing efficient drip irrigation technology for the co-application of water, fertilizer, and air.