The effects of different types of mulch and planting density on photosynthesis, dry matter accumulation and astragaloside content and yield of Astragalus memeranaceus were studied in this research. Using the cultivar A. memeranaceus var. mongholicus as research material, a split plot field experiment was carried out in the oasis irrigation area of Gansu Province in 2021-2022. Four types of mulch (namely fast degradation film, slow degradation film, ordinary film and no film, respectively as T1, T2, T3, T4) were set as the main plots, and four planting densities (namely 2.1×105, 2.4×105, 2.7×105, 3.0×105 plant/hm2, respectively as D1, D2, D3, D4) were set as the split plots. The Photosynthetic, chlorophyll relative content (SPAD), astragaloside content and yield were determined by the photosynthetic instrument and sampling methods of experimental plot at flowering and harvesting stages of A. memeranaceus, respectively. Under the slow degradation film treatment (T2) and the planting density (D2) treatment in growth stages of A. memeranaceus, the photosynthetic rate, chlorophyll relative content, dry matter accumulation and astragaloside content and yield were the highest. Compared with the T2D1, T2D3 and T2D4 treatments, the photosynthetic rate of T2D2 treatment increased by 30.81%, 36.91% and 48.67%; the chlorophyll relative content of T2D2 treatment increased by 34.26%, 17.39% and 34.23%; the underground yield of T2D2 treatment increased by 34.78%, 15.22% and 19.18%; the astragaloside content of T2D2 treatment increased by 53.99%, 31.26% and 55.62%. Compared with T1D2, T3D2 and T4D2 treatments, the astragaloside content of T2D2 treatment increased by 54.27%, 32.90% and 78.03%, respectively. The optimal planting mode of slow degradation film (T2) and density of 2.4×105 plant/hm2 (D2) at growth stage of A. memeranaceus can improve the photosynthesis, dry matter accumulation, yield and astragaloside content.