In order to explore the response characteristics of the growth, yield and quality of Lycium barbarum L. with different ages to the differences in water and fertilizer supply, a series of field experiments were carried out continuously from 2017 to 2020 in the arid area of central Ningxia with the cultivar Ningqi 7 as the study object. In the experiments, treatments with two factors of water and three levels of ferlilizer application amounts were set to monitor the growth indicators of base diameter, plant height, new stem diameter and length, yield indicators of dried fruit yield, 100-grain weight and grain size, and quality indicators of nutrient content. Then the effects of different water and fertilizer supply on the growth, yield and quality of Lycium barbarum L. were analyzed, and suitable water and fertilizer coupling scheme was put forward to provide some support for the scientific management of water and fertilizer for Lycium barbarum L. in arid areas. The results showed that the annual increase of the base diameter of the treatments ranged from 3.5 to 5.8 mm from 2017 to 2020, and the maximum four-year cumulative increase of the base diameter for the treatment BF2 (medium water and fertilizer) was 19.9 mm, which was 31% larger than that of the control (CK). The four-year average increase of plant height was 13.4-26.2 cm/a, and treatment CF2 (high water and medium fertilizer) scored the highest increase of 30.9 cm/a. The average stem diameter growth of new branches was 2.3 mm/a, and the highest four-year cumulative growth of new branches was found in treatment BF2, which was 148.8cm.The ratio of fresh-to-dry was 3.89-4.55, the average 100-grain weight was 20.77 g, and the grain size ranged from 305 to 330 grains from 2017 to 2019, indicating the fruit all reached the premium grade. Furthermore, the betaine content of treatment BF2 was up to 9.0%, polysaccharide content of treatment CF3 (high water and fertilizer) was up to 7.4%, the average protein content was 11.09%-12.08% and the average amino acid content was 7.35%. According to the comprehensive analysis, the recommended optimal water and fertilizer scheme for Ningqi 7 in the arid area of central Ningxia is irrigation water amount of 3, 750 m3/hm2 (including 450 m3/hm2 for spring irrigation, 2, 700 m3/hm2 for growth period irrigation and 600 m3/hm2 for winter irrigation), fertilizer application amount of 720 kg/hm2 (eight times of fertilization, 90 kg/hm2 per application).