Aiming at the problems of low water use efficiency of crops and poor water retention capacity of soil in dry farming area in the northern foot of Yinshan Mountain, the optimization scheme of soil water storage and crop water consumption of potato by organic fertilization and soil improvement management measures in dry farming area was explored. Through two years of field randomized block experiment, four treatments were setup: traditional fertilization (CK), chemical fertilizer reduction combined with sheep manure (NPK+SD), chemical fertilizer reduction combined with biochar (NPK+B), and chemical fertilizer reduction combined with microbial fertilizer (NPK+MF). The effects of chemical fertilizer reduction combined with organic fertilizer on promoting potato growth and development, optimizing water consumption ratio at growth stage and improving water use efficiency were analyzed. The results showed that the dry matter accumulation of NPK+MF treatment reached the maximum at the starch accumulation stage, which was significantly increased by 41.58% compared with CK. The NPK+MF treatment increased the soil moisture content of 0-60 cm, increased the soil water storage, and increased the water consumption of potato growth period by 6.56%. The water consumption of potato stage reached the maximum at the tuber formation-expansion stage. The average water consumption, water consumption modulus and water consumption intensity of NPK+MF treatment were significantly lower than those of CK by14.61%, 21.84% and 14.60%, respectively.The average water consumption, water consumption modulus coefficient and water consumption intensity of NPK+MF treatment were significantly increased by 9.17%, 3.34% and 9.17% compared with CK in the tuber formation-expansion stage. Compared with CK, the average single potato weight, single plant tuber weight and commodity potato rate of NPK+MF treatment were significantly increased by 15.42%, 25.57% and 29.67%, respectively. Compared with CK, the yield, water use efficiency and economic benefit of NPK+MF treatment were significantly increased by 25.52%, 17.81% and 30.59%, respectively. Compared with NPK+SD treatment, the yield, water use efficiency and economic benefit of NPK+MF treatment were significantly increased by 13.26%, 8.72% and 14.41%, respectively. Compared with NPK+B treatment, they were significantly increased by 12.26%, 8.42% and 7.52%, respectively. In conclusion, in potato production at the northern foot of the Yinshan Mountain region of Inner Mongolia, the strategy of reducing chemical fertilizer application combined with microbial fertilizer not only regulates the water consumption ratio across potato growth stages, partially alleviating the water demand pressure during the late growth period, but also enhances yield per unit of water consumption. This approach represents an effective soil fertility management solution for the region.