Waxy wheat (Triticum aestivum L.) is grown throughout the world for its specific quality. Fertilization and planting density are two crucial factors that affect waxy wheat yield and photosynthetic capacity. The objectives of the research were to determine the effects of fertilization and planting density on photosynthetic characteristics, yield, and yield components of waxy wheat, including Yield, SSR, TGW, GNPP, GWPP, PH, HI, Pn, Gs, Ci, E and WUE using the method of field experiment, in which there were three levels (150, 300, and 450 kg ha−1) of fertilizer application rate and three levels (1.35, 1.8, and 2.25 × 106 plants ha−1) of planting density. The results suggested that photosynthetic characteristics, yield, and yield components had close relationship with fertilization levels and planting density. Under the same plant density, with the increase of fertilization, Yield, SSR, TGW, GNPP, GWPP, HI, Pn, Gs, E and WUE increased and then decreased, PH increased, but Ci decreased. Under the same fertilization, with the increase of plant density, Yield, SSR, TGW, GNPP, GWPP, HI increased and then decreased, PH, Pn, Gs and E increased, PH and WUE declined. The results also showed that F2 (300 kg ha−1) and D2 (1.8 × 106 plants ha−1) was a better match in this experiment, which could obtain a higher grain yield 4961.61 kg ha−1. Consequently, this combination of fertilizer application rate and plant densities are useful to get high yield of waxy wheat.