Field experiments were carried out on two representative soils to study the application effect of organic fertilizer combined with different chemical fertilizers’ reduction in the main production area of honey peach in Xinyi. The following treatments were set: no fertilization (NF), conventional fertilization (CK), and organic fertilizer treatments. OF-N, OF-P, OF-K, OF-NP, OF-PK, OF-NK and OF-NPK represented the reduction of chemical fertilizer N, P, K, NP, PK, NK and NPK on the basis of organic fertilizer application, respectively. OF-N had little effect on the commercial fruit yield. OF-P and OF-K increased the yield by 5.1%-6.8% and 6.1%-9.6%, respectively, while OF-NP and OF-NPK decreased the yield by 0.8%-7.6% and 3.9%-15.0%, respectively. All organic fertilizer treatments increased soil pH and organic matter content to varying degrees. Reducing the application of nitrogen fertilizer significantly decreased the soil available nitrogen to a lower value, reducing the application of potassium fertilizer effectively decreased the excess available potassium, and reducing the application of phosphorus fertilizer also decreased available phosphorus. In addition, all organic fertilizer treatments increased the content of soluble sugar and vitamin C to varying degrees, and reducing the application of nitrogen fertilizer decreased the nitrate content of fruit. OF-P and OF-K increased net benefit, output/input ratio, and fertilizer agronomic efficiency, while OF-N, OF-NP and OF-NPK decreased net benefit and output/input ratio. Therefore, organic fertilizer substituting chemical fertilizers in Xinyi honey peach cultivation is conducive to alleviating soil acidification, increasing soil organic carbon pool, improving fruit quality, and increasing commercial fruit yield. It is appropriate for mainly reducing the application of phosphorus and potassium fertilizers and moderately reducing the application of nitrogen fertilizer.