To explore the effects of different water-saving treatments on rice plant growth and select suitable water-saving irrigation strategies for aerobic rice varieties, we conducted relevant field experiments from June to October 2023 at Jiangsu Runguo Agricultural Development Co., Ltd., China, which is located in a north subtropical monsoon climate where the soil is alkaline sandy loam. Four water treatments were set up, including the control of local conventional irrigation (CK, without water stress), mild water-saving treatment (W1, 20% more water saved than CK), moderate water-saving treatment (W2, 30% more water saved than CK), and severe water-saving treatment (W3, 40% more water saved than CK). The experiment results showed that rice plant heights were inhibited and leaf chlorophyll contents increased under all water-saving treatments compared to CK. Among them, the MDA content in paddy leaves under the W1 treatment decreased, while the activities of SOD and POD were enhanced and the membrane lipid peroxidation capacity of rice was also enhanced. Meanwhile, the results showed that the rice yield and quality under the W1 treatment significantly improved. Based on those experiments, a comprehensive evaluation of rice plant height, chlorophyll content, grain yield, yield components, and rice quality was conducted using the TOPSIS entropy weight method. It was preliminarily concluded that the suitable irrigation scheme for south and central Jiangsu was 20% water-saving irrigation compared with CK. In summary, under the premise of maintaining the economic yield of rice cultivation, an appropriate water irrigation plan helped save water resources and promote rice growth.