The issue on the theme of efficient utilization of water and fertilizer in dry-land agriculture was discussed. The mechanism of action of three typical chemical agents (soil conditioner—PAM, water retaining agent—SAP, antitranspirant—FA) in regulation of water and fertilizer and its application methods were introduced. Research of chemical regulating technology on four important parts were emphatically reviewed (enhancement of the accumulation of water and fertilizer, improvement of the soil and water conservation, improvement of the utilization of crop to water and fertilizer, increasing of the crop yield and quality) in dry-land agriculture production. Finally, the future important research directions were proposed.