A field experiment was carried out to study the effects of straw and organic wastes of straw recycling (fungus dregs, cow dung and biogas dregs) returning on soil fertility, ecologic benefit and economic benefit. In this paper, two control treatments with no fertilizers and sole chemical fertilizers and four organic matter treatments and a straw burning treatment were set to determine the effects of above four organic residues on soil nutrients, soil microbial CFUs, soil enzyme activities, rice yield and economic benefit. The results showed that the contents of soil organic matter and available nutrients, the CFUs of bacteria and actinomycetes and fungus, and the activities of microorganism and urease, phosphatase and dehydrogenase were increased with the application of the above four organic waste residues. Compared with NPK treatment, the economic benefit in treatments with the incorporation of organic waste residues increased 15.0 - 2 690.0 yuan/hm2 (0.2% - 29.7%) in early rice and 180.0 - 1737.5 yuan/hm2 (1.3% - 12.2%) in late rice, and the economic benefit increased most in NPK+BD treatment. With the incorporation of organic residue (6 250 - 2 2500 kg/hm2), the chemical fertilizer dose was reduced by 10% - 20%. Such practice could bring double win of ecologic benefit and economic benefit. But, the increase of ecologic benefit and economic benefit of straw burning treatment was not significant, and may pollute atmospheric seriously, thus should be give up in the future.