Improvements in economic profit, energy-use efficiency and environmental friendliness are critical for the sustainability of wheat production. The present study was aimed at evaluating the suitability of wheat production shifting conventional flat planting (CFH) and supplemental irrigation (SIH) with water-saving cultivation strategies [straw mulching (SML) and plastic film mulching (PFL) with 50% less N fertilizer] from economic, energy, and environmental perspectives on the Loess Plateau of China. Results showed that the PFL exhibited ∼18.5% and 12.7% higher grain yields, and 74.0% and 59.9% higher economic profit over the CFH and SML, while reduced grain yields by 9.6% retative to the SIH. Meanwhile, the economic profit and the ratio of income to cost remained consistent between the PFL and SIH. The PFL had the highest net energy out, energy use efficiency and energy productivity, but had the lowest specific energy. Compared with the SIH, the total environmental emissions final score increased by 36.6% under SML, while decreased by 24.8% under PFL. Overall, the strategy of plastic film mulching with 50% less N fertilizer has great potential to cater to the demands of wheat production with environmental sustainability on the Loess Plateau of China.