Overapplication of nutrients and water is common in intensive greenhouse systems. A 2-year experiment (2011–13) was conducted to study the effect of different nutrient and water treatments on the growth and yield of tomato (Lycopersicum esculentum Mill.) and on soil nutrient accumulations in solar greenhouses in South Loess Plateau, China. The treatments included 1) current fertilizer and water practices (FW), 2) formula fertilizer and water 1 (FW1), 3) formula fertilizer and water 2 (FW2), and 4) farmer’s practice (FP). Compared with FW, FW1 and FW2 had yields not significantly different from grower control treatments; however, they saved 35% to 46% of the nitrogen (N) fertilizer, 40% to 54% of the phosphorus (P2O5) fertilizer, 19% to 35% of the potassium (K2O) fertilizer, and 15% to 21% of irrigation water. The economic profits of FW1 and FW2 were greater than those of the FW and FP treatments. The two formula treatments also reduced soil electrical conductivity (EC) and the accumulation of nitrate, available P, and available K in soil. However, the soil nutrients are still above optimal levels. Obvious N surplus in the greenhouse was observed in different treatments, mainly because of high N input from manures. This study revealed there is great potential to reduce nutrient and water use while maintaining the same yield in a greenhouse system.