To clarify the effects of nitrogen fertilizer reduction under the combined application of potassium fulvate on wheat yield and the absorption and utilization of nitrogen nutrients, a field experiment was conducted in Penglai area, Yantai City, Shandong Province from October 2023 to June 2024, using Lumai 21, a local main cultivated wheat variety, as the test material. 6 treatments were set up: no fertilization (CK), local conventional fertilization (T1), local conventional fertilization combined with potassium fulvate (T2), 10% reduction in local conventional nitrogen combined with potassium fulvate (T3), 20% reduction in local conventional nitrogen combined with potassium fulvate (T4), and 30% reduction in local conventional nitrogen combined with potassium fulvate (T5). The dry matter accumulation, nitrogen absorption and utilization efficiency, wheat yield, and its yield components of wheat in all treatment groups were determined at the harvest stage. The results showed that the addition of potassium fulvate could promote wheat plant height formation, dry matter accumulation, nitrogen absorption and utilization, and yield formation, with T4 treatment achieving the optimal effect. Compared with T1, the dry matter accumulation, plant height, spike number, grain number per spike, 1 000-grain weight, yield, and nitrogen uptake of wheat in T4 increased by 2.14%, 0.99%, 3.97%, 0.80%, 0.44%, 6.14%, and 17.24%, respectively. Considering comprehensively factors such as wheat yield, nitrogen absorption and utilization, and agricultural sustainable development, 20% reduction in local conventional nitrogen combined with potassium fulvate (T4) is recommended for wheat production in the study area. This research provides a reference for high yield and high quality wheat cultivation.