Sulfur (S) fertilization and rhizobium inoculation are important agronomic practices for improving soybean growth and yield. However, their combined effects on yield components and the resultant impacts on yield need further investigation. Our study aimed to verify the combined effects of S fertilizer and rhizobium inoculant on the yield components and seed yield of soybeans, as well as photosynthesis dynamics during the V5–R6 growth stages. A randomized block design incorporating two factors was employed for field experiments on soybean, involving the application of five rates of sulfur (0, 5.0, 9.8, 14.8, and 19.6 kg S ha−1) with rhizobium inoculation or without. A reduction of 50% in mineral fertilizer according to farmer practice (FP) was applied alongside different rates of sulfur for field experiments on soybeans. The findings indicated that the application of sulfur fertilization significantly enhanced soybean yield by increasing the number of grains per plant (NG) and the number of pods per plant (NP). Maximum grain yield was reached under treatment with an S rate of 19.6 kg S ha−1, which increased NG by 39% more than an S rate of 0 kg S ha−1. Correlation analysis indicated that higher photosynthesis was closely associated with increased yield components. This study demonstrated that applying S fertilizers could improve soybean production by combining the appropriate sulfur concentration and rhizobia inoculation.