In order to investigate the response of gas exchange parameters and yield of winter wheat under straw returning to water and fertilizer treatment, the effects of irrigation period, fertilization period, irrigation amount and fertilizer amount on gas exchange process and yield composition of winter wheat under straw returning were studied through field experiments. The results showed that: At heading stage and filling stage, the net photosynthetic rate of winter wheat leaves increased whether the irrigation amount increased or decreased. In addition, reducing the irrigation amount significantly increased the WUE at the heading stage, but the 1000-grain weight decreased with the increase of irrigation amount. The treatment of overwintering water + jointing water + flowering water increased the net photosynthetic rate of leaves at heading stage and mature stage, and increased the water use efficiency and 1000-grain weight. Compared with the control group, the net photosynthetic rate of leaves under fertilization showed an increasing trend, but the increase was not significant. At the early growth stage（jointing stage + heading stage）, the photosynthetic rate increased with the decrease of fertilizer application. The 1000-grain weight of winter wheat increased under the treatment of more fertilization and less fertilization（S3 S1） in the overwinter period. The results of this study will provide data support and theoretical basis for the formulation of water and fertilizer management measures and policies for winter wheat in grain producing areas of the Huang-huai-hai Plain.