The purpose of this study was to explore the carbon and nitrogen metabolism mechanisms of sand-cultivated cucumbers under different deficit irrigation–nitrogen management strategies and provide a theoretical basis for their greenhouse management. This study set up two factors, the deficit irrigation level and the nitrogen application rate, and conducted an experiment on deficit irrigation–nitrogen coupling of sand-cultivated cucumbers using a quadratic saturation D–optimal design. Seven treatments were set up in the experiment, to measure the soluble sugar and protein contents, as well as the activity of key enzymes for carbon and nitrogen metabolism at five different growth stages. The results indicate that the 80% irrigation with 623 kg N hm−2 (IN4) treatment significantly improved the soluble sugar, protein, and actual leaf nitrogen contents of cucumber at the five different growth stages and, as a result, achieved higher sucrose synthase (SS) and sucrose phosphate synthase (SPS) activities in the cucumber leaves. Furthermore, such improvements were due to the reduction in oxidative damage of sand–cultivated cucumber at various growth stages. The IN4 and 89% irrigation with 1250 kg N hm−2 (IN5) treatments significantly increased the activities of RuBisCO, catalase (CAT), peroxidise (POD), and superoxide dismutase (SOD) at various growth stages of sand-cultivated cucumber. The higher activities of glutamate dehydrogenase (GLDH), glutamate synthase (GOGAT), nitrate reductase (NR), glutamine synthase (GS), acid invertase enzyme (AIE), neutral invertase enzyme (NIE), and better antioxidative enzyme activities were recorded under the IN4 treatments at various growth stages, which effectively improve (69.6%) cucumber yield. The soil properties, carbon and nitrogen metabolism, and antioxidant metabolism were positively correlated with sand-cultivated cucumber yield in a greenhouse. We concluded that the IN4 treatment was the better deficit irrigation–nitrogen management strategy because it considerably improves carbon and nitrogen metabolism, antioxidant enzyme activities, and sand–cultivated cucumber yield in a greenhouse.