The effects of coupling water and polymer-coated urea on dry matter accumulation and nitrogen transportation in winter wheat was explored to provide a reference for the synergistic and efficient utilization of water and nitrogen in winter wheat in the Huang-Huaihai Plain. A two-year field experiment was conducted，and the split-plot design was adopted with two types of nitrogen fertilizer， urea (U) and polymer-coated urea (PCU) in combination with three irrigation levels of 540 mm(I540)，460 mm(I460)and 380 mm(I380). Compared with U treatments，the amount of the assimilates after anthesis allocated in grain was enhanced in PCU treatments. The average grain yields in two seasons of PCU treatment were -2.90%-20.96% higher than U treatment. Under the same nitrogen management，the biomass accumulation after anthesis and the contribution rate of dry matter translocation after anthesis to grains in I540 were 44.40%-62.50% and 12.62%-22.19%，respectively，higher than those of I380 treatment. The coupling of water and controlled-release nitrogen significantly improved winter wheat yield，compared with other treatments，the yield of winter wheat in PCU×I540 treatment increased by 3.45%-28.06% and 4.17%-46.71%，respectively，in 2019 and 2020，but there were no significant differences in seed yield and economic benefits between the PCU×I460 and PCU×I540 treatments. Therefore，the application of coated urea under the condition of moderately reduced irrigation in the Huang-Huaihai Plain is beneficial to the transfer of pre-flowering dry matter to the seeds and the accumulation of post-flowering dry matter in winter wheat，achieving high and stable yield of winter wheat with less input.