Mulching could effectively improve the soil hydrothermal environment, improve changes in the soil structure, increase entropy, and conserve soil moisture to solve the problem of grain reduction caused by perennial drought in Northwest China. Thus, a two-growing-season field experiment (2020–2021) with five treatments (PM1, biodegradable plastic film mulching; PM2, plastic film mulching; SM1, straw strip mulching; SM2, crushed corn straw full mulching; and CK, no mulching as the control) was conducted to investigate the effects of different mulching materials on the soil hydrothermal environment, soil aggregate distribution, stability, and tuber yield of rainfed potato farmland in Northwest China. Over two growing seasons, mulching planting, on average, increased (p < 0.05) the soil moisture at the 0–200 cm depth by 9.0% relative to CK (SM2 (11.6%) > SM1 (10.3%) > PM2 (8.6%) > PM1 (7.0%)). The mulching treatments significantly regulated the soil temperature during the whole growth period, in which plastic mulching significantly increased the soil temperature of the 0–25 cm soil depth during the whole growth period by 2.1 °C (PM2 (2.1 °C) > PM1 (2.0 °C)); meanwhile, straw mulching significantly reduced the soil temperature by 1.4 °C (SM2 (0.9 °C) > SM1 (0.6 °C)). All mulching treatments improved the soil macroaggregate content and soil aggregate stability in all soil depths from 0 to 40 cm, with increases of 31.4% and 27.1% in the mean weight diameter (MWD) and 22.6% and 21.2% in the geometric mean diameter (GWD) compared with CK, respectively. Straw and plastic mulching significantly increased the fresh tuber yield by 12.5% and 12.6% compared with CK, respectively. The increases were greatest in SM2 and PM2. Crushed corn straw full mulching is difficult to sow and harvest; therefore, straw strip mulching could improve the soil hydrothermal environment, increase production, and provide an environmentally friendly technology for dryland potato production.