Abstract: To study the effect of chemical fertilizer reduction on soil fertility, grain yield and economic benefit in high fertility land of southern Henan, the rice-wheat rotation planting system was selected and a three-year reduction fertilization experiment was carried out. There were five treatments: conventional fertilization, conventional phosphorus and potassium fertilizer, conventional fertilization with 5% nitrogen fertilizer increase, conventional fertilization with 5% nitrogen fertilizer decrease, and conventional fertilization with 10% reduction of nitrogen fertilizer. The results showed that with the increase of treatment time, 5% and 10% of nitrogen fertilizer reduction of conventional fertilization reduced soil bulk density and increased the content of organic matter in soil. The treatment of conventional phosphorus and potassium fertilizer could improve the content of available phosphorus, available potassium and slow available potassium in soil. During the first round of rice-wheat rotation, the total phosphorus content in plant, the total potassium content of wheat plant and the economic characters of rice increased under 5% nitrogen fertilizer increase, and the effects of 5% nitrogen fertilizer increase and decrease on the total nitrogen content in plant, the total potassium content of rice and the economic characters of the wheat were not obvious. To the third round of experiment, the difference between 5% nitrogen fertilizer increase and conventional fertilization was not significant. The reduction of nitrogen fertilizer by 5% could increase the total phosphorus and total potassium content and crop yield of wheat, and had the highest economic benefit with less expenditure on fertilizer.