This study selected two sweet potato varieties as research subjects and conducted a field experiment using a two-factor design with two potassium (K) levels (K0 and K1) and five nitrogen (N) levels (N0–N4). The physiological changes in sweet potato leaves under different N and K treatments were measured, and nutrients such as the soluble sugar, protein, and starch content of sweet potato roots were analyzed. The results indicate that the activity of glutamine synthetase (GS) and the soluble protein content in sweet potato leaves increase first and then decrease with increasing N application, while K application can significantly increase the activity of GS and the soluble protein content. The N metabolic capacity of leaves is strongest when the fertilizer ratio is K1N2. The SPAD value of sweet potato leaves increases with increasing N application. The net photosynthetic rate, stomatal conductance, and intercellular CO₂ concentration first increase and then decrease with increasing N application. K fertilizer has a significant effect on these parameters. As the N application rate increases, the starch and protein content in the tubers increase, while the soluble sugar content decreases. However, the number of tubers per plant, fresh weight of the tubers, and dry weight of the tubers increase initially and then decrease, while the vine length continuously increases. The application of K fertilizer can significantly increase the number of tubers per plant and stem thickness of sweet potato. In conclusion, the appropriate N–K combined application can promote N metabolism, enhance the photosynthetic capacity of sweet potato, increase yield, and improve quality.