Dwarfing rootstocks are widely used in apple production to control tree vigor and improve fruit quality. However, their adoption in ‘Fuji’ orchards remains limited by high production costs and unstable field performance. In this study, five rootstock materials, namely GM256, GM310, MD001, LiaoZhen 2, and Malus hupehensis Rehd (CK), were evaluated for their effects on cold tolerance, tree growth, and fruit quality in ‘Fuji’ apple. Cold tolerance was assessed using electrolyte leakage and related physiological indicators under low-temperature stress. MD001 and GM256 exhibited significantly stronger cold tolerance than the control, as indicated by lower LT50 values and more favorable physiological responses (p < 0.05). Regarding tree growth, GM310 showed the weakest dwarfing effect, while LiaoZhen 2 had a relatively high proportion of long shoots, suggesting excessive vegetative growth. Meanwhile, GM256 produced the highest yield among all combinations. Principal component analysis of fruit-quality traits indicated that GM256 and GM310 performed better overall than the other combinations. In addition, GM256 produced significantly higher soluble solids, vitamin C content, and sugar–acid ratio than the control and most other rootstocks (p < 0.05). Overall, GM256 combined strong cold tolerance, a balanced shoot composition, moderate tree vigor, and high fruit quality, suggesting that it is a promising rootstock for ‘Fuji’ apple cultivation in Shandong Province.