Interspecific interactions and recovery growth play an important role in crop growth, development and ultimately yield in intercropping systems. However, the impact of different water and nitrogen levels on intercropping production, interspecific interactions between intercrops, and the recovery growth of late-maturing crops is still unclear. A two-year field experiment was conducted in Yangling, Shaanxi province, to investigate the dynamics of interspecific interactions, and the effects of interspecific interactions on crop growth and yield. The experiment consisted of three factors, including three cropping systems (wheat/maize intercropping, sole wheat, sole maize), three nitrogen (N) levels and two water applications (supplementary irrigation and rainfed). The results demonstrated that, during the co-growth period, intercropped wheat was more competitive than intercropped maize; so, intercropped wheat showed a yield advantage. Intercropping increased maize yield under irrigated conditions, and this was attributed to the full recovery growth of intercropped maize after wheat harvest. However, rainfed and nil nitrogen aggravated the interspecific competition, and water deficit under maize rows, in turn, limited the recovery growth of intercropped maize, leading to yield reduction. However, compared with sole maize, the yield of intercropped maize decreased, indicating nitrogen deficiency limited the recovery growth of intercropped maize. Among all treatments, the intercropping of medium nitrogen fertilizer with irrigation had the best yield improvement and land use advantages, the total yield of intercropping was 14.8% higher than that of sole cropping, and the land use efficiency increased 16%. These results confirmed that supplementary irrigation and optimal nitrogen application alleviated the interspecific competition, promoted the recovery growth of intercropped maize and improved the yield of wheat/maize intercropping system.