The purpose of this study was to investigate the effects of alternate wetting and drying irrigation and plant growth regulators (PGRs) on photosynthetic characteristics, endogenous hormones, and yield of rice. Pot and field experiments were conducted using Longjing 31 as the experimental material. Two irrigation treatments were set up: moderate alternative wetting and drying irrigation (MI) and heavy alternating wetting and drying irrigation (HI). The effects of these irrigation treatments on yield formation and photosynthetic characteristics of rice were examined. Additionally, three PGRs—diethyl aminoethyl hexanoate (DA), 6-benzylaminoadenine (BA), and BA + DA—were sprayed at the full tillering stage and sword leaf expansion stage to analyze their effects on photosynthetic characteristics and endogenous hormones of rice post-heading. Differences in dry matter accumulation, photosynthetic characteristics, endogenous hormones, and yield under alternate wetting and drying irrigation, PGRs, and their interactions were studied. The results showed that MI significantly increased leaf area, leaf area index, SPAD value, and net photosynthetic rate. It also increased the contents of IAA, GA3, and ZR in flag leaves and grains, decreased ABA content, and enhanced dry matter accumulation and stem-sheath matter transport capacity. Consequently, MI improved internode characteristics, seed setting rate, grain number, and weight per panicle, resulting in an actual yield increase of 5.30% (Pot) and 5.11% (Field) compared to HI. In terms of plant growth regulators, BA+DA significantly increased the net photosynthetic rate, stomatal conductance, and intercellular carbon dioxide concentration of flag leaves post-heading. It also increased dry matter accumulation, stem-sheath matter transport capacity, and the contents of IAA, GA3, and ZR in flag leaves and grains. This led to increases in 1000-grain weight, seed setting rate, harvest index, grain number per panicle, and grain weight per panicle, boosting yield by 6.60% (Pot) and 6.05% (Field), followed by BA, compared to CK. The interaction of alternate wetting and drying irrigation and PGRs had significant effects on leaf area index, endogenous hormone content, grains per panicle, and 1000-grain weight. Notably, the MI×(BA+DA) treatment was more effective in maintaining the functional duration of green leaves post-heading, increasing leaf SPAD value, leaf area, leaf area index, and net photosynthetic rate. It also enhanced dry matter accumulation, stem-sheath matter transport, and the contents of IAA, GA3, and ZR in leaves and grains, promoting the export of assimilates to grains. This treatment, on the basis of stable panicle number, improved 1000-grain weight, grain number and grain weight per panicle, seed setting rate, and harvest index. Compared to other treatments and CK, it achieved a yield increase of 3.17%-12.57% (Pot) and 3.14%-11.55% (Field). However, HI×(BA+DA) could achieve the yield effect of MI×CK. These results indicate that alternate wetting and drying irrigation combined with spraying BA+DA can be used as a water-saving chemical control cultivation measure for high-yield and high-efficiency rice production in this region.