In both arid and semi-arid regions, adopting field mulching can effectively optimize soil moisture distribution, enhance crop yields, and improve water productivity. While acknowledging its advantages, field mulching seems insufficient for maintaining high crop productivity due to the increasing frequency of extreme weather. Furthermore, drought often coincides with critical crop growth stages, necessitating the implementation of agricultural irrigation to ensure normal crop growth. Accordingly, we conducted a three-year field experiment from 2021 to 2023 including three typical field mulching methods (no mulching, NM; straw mulching, SM; plastic film mulching, FM) and three supplementary irrigation strategies (irrigated at the branching stage (V4), W1; irrigated at the pod-filling stage (R2), W2; irrigated at both the V4 and R2 stage, W3). Throughout the entire growth period, we monitored soil moisture conditions for each treatment, measured leaf physiological parameters at crucial growth stages, and assessed soybean yields and water productivity (WP). Our findings indicated that, relative to SM and NM, FM maintains optimal soil moisture balance, augments chlorophyll content, and enhances photosynthesis, resulting in an average yield increase of 17.0% and 38.3% over three growing seasons. Additionally, supplementary irrigation also significantly affects the growth and seed yield of soybean. FMW2 achieved the higher seed yield (4307.5 kg ha−1, 3-year averaged), had insignificant difference with the highest seed yield of 4568.6 kg ha−1, both significantly higher than other treatments. Similarly, the leaf area index, chlorophyll content, net photosynthetic rate (Pn) and transpiration rate (Tr) also presented insignificant difference between FMW2 and FMW3, while WUEleaf (Pn/Tr) of FMW2 obviously higher than that of FMW3. As a result, FMW2 achieved the highest WP of 12.2 kg ha−1 mm−1 over the three growing seasons, compared to the three-year average of the other treatments, the increase ranges from 5.6% to 46.7%. In summary, the FMW2 treatment optimized water distribution to meet the water demands of soybeans during the reproductive growth stages, achieving a beneficial balance between soybean seed production and WP by regulating leaf functional parameters. Future research will explore more specific irrigation scheduling techniques (e.g., precision irrigation, deficit irrigation, and sensor-based irrigation management systems) while integrating innovative agricultural film materials (e.g., biodegradable films) to further enhance crop resilience and productivity under evolving climatic conditions.