In tropical regions, grass silage can be produced from the pasture in the rainy season to feed animals during the dry season. We evaluated the chemical composition and fermentation characteristics of ensiled signal grass (Urochloa decumbens Stapf. Basilisk) fertilized with nitrogen (N) or intercropped with calopo (Calopogonium mucunoides Desv.) with and without microbial inoculant. We used a 4 × 2 factorial scheme in a randomized block design, with two blocks and two treatments per block, considering p > 0.05. We studied signal grass fertilized with 0 kg ha−1 of N (0 N), 50 kg ha−1 of N (50 N), or 100 kg ha−1 of N (100 N), or intercropped with calopo legume (LEG), with (I) or without (WI) inoculant, in two seasons. During the dry–water transition, lower concentrations of butyric acid were observed in 50 N and LEG silages (2.77 and 2.55 g kg−1 dry matter, DM) (inoculated) compared to control (7.77 g kg−1 DM). During the water–dry transition, higher concentrations of crude protein were observed in 100 N and LEG silages (71.90 and 54.6 g kg−1 DM) than in 0 N (46.3 g kg−1 DM). The signal grass–calopo intercropping is an alternative to nitrogen fertilization, as it provides forage with a higher protein content and silage with satisfactory fermentative characteristics.