The excessive irrigation and fertilization are common in wheat (Triticum aestivum L.) production in northwest China, which not only results in resources waste and environmental pollution, but also not necessarily guarantee high wheat yield due to the plant overgrowth. It is thus crucial to explore a suitable irrigation and fertilization strategy that benefits high-yield wheat cultivation by regulating post-anthesis dry matter accumulation and translocation. A consecutive four-season field experiment (2014–2018) was undertaken on drip-fertigated winter wheat with three irrigation levels based on the soil moisture content of moistening layers (W1: normal irrigation, W2: mild deficit irrigation, W3: severe deficit irrigation) and three fertilization (N-P₂O₅-K₂O) rates (F1: 175–117–150 kg ha⁻¹, F2: 125–84–108 kg ha⁻¹, F3: 75–50–65 kg ha⁻¹). The results showed that the logistic growth equation could well describe the accumulation process of aboveground dry matter with R² ranging 0.989 − 0.999 (P < 0.01). Water stress advanced the thermal time required from sowing to the maximum aboveground dry matter rate, while the maximum aboveground dry matter rate and average accumulated rate of aboveground dry matter increased with the increase of irrigation and fertilization regimes. Dry matter translocation showed a negative relationship with fertilization rate. However, both the post-anthesis dry matter accumulation and its contribution to total dry matter at maturity (CDMA) increased with the increasing fertilization rate. With the increase of water and fertilizer supply, dry matter translocation efficiency decreased, but CDMA showed the opposite trend. The post-anthesis dry matter accumulation was positively related to winter wheat grain yield. When the grain yield reached above 7.5 Mg ha⁻¹ in northwest China, the post-anthesis accumulated dry matter should be more than 4.7 Mg ha⁻¹. It was concluded that the mild deficit irrigation along with N-P₂O₅-K₂O fertilization of 125–84–108 kg ha⁻¹ enhanced the productivity of winter wheat by increasing the post-anthesis dry matter translocation and accumulation.