Soils of litchi orchards in China are commonly deficient in nitrogen and potassium. The cultivar Feizixiao litchis planted in a typical acidic upland orchard, which is low in nitrogen and potassium, were used as a subject in field experiments with different ratios of potassium to nitrogen (K2O:N = 0.6, 0.8, 1.0, 1.2, and 1.4). Field experiments were conducted from 2009 to 2012. The effects of K2O:N ratio on the yield, quality, and storability of litchi were investigated and discussed. Results indicated that with the increase of K2O:N ratio, fruit yield initially increased and then decreased, and litchi had the highest yield when K2O:N was 1.2. When K and N fertilizers were applied at the ratio of 1.2, litchi had a better fruit quality with higher vitamin C content, soluble sugar, and soluble solid. With the increase of K2O:N ratio, healthy fruit rate initially increased and then decreased. This rate reached the maximum value when K2O:N was 1.2. Meanwhile, fruit-rotting rate, peel-browning index, cell membrane permeability, and peroxidase (POD) activity decreased at first and then increased and reached the minimum value when the K2O:N ratio was 1.2. Therefore, litchi fruit had the highest yield, better quality, and best storage property when K2O:N was 1.2. Thus, this ratio is recommended for the main litchi production areas in China.