Global climate change has accelerated the occurrence of agricultural drought events, which threaten food security. Therefore, improvements in the soil water retention capacity (WRC) and crop drought resistance are crucial for promoting the sustainability of the agricultural environment. In this study, we explored the effects of applying biochar and water-retaining agent (WRA) on soil WRC and crop drought resistance in a Fluvisols, along with their potential mechanisms. We applied two types of biochar (based on wheat and maize straw) and two WRAs (polyacrylamide and starch-grafted sodium acrylate) to Fluvisols with different textures, and then evaluated soil water retention and crop drought physiological resistance. The combined biochar and WRA treatment increased the WRC in both the sandy loam and clay loam Fluvisols. Biochar and WRA increased the relative content of soil hydrophilic functional groups. Compared with the control (CK), the combined application of biochar and WRA increased the field capacity, reduced soil water volatilization under drought conditions, and slowed water infiltration into the Fluvisols. The soil WRC was higher with the wheat straw biochar (WBC) treatment than with the maize straw biochar (MBC) treatment. It was also higher with polyacrylamide treatment than with the starch-grafted sodium acrylate treatment. The combined application of biochar and WRA improved crop drought physiological resistance by significantly increasing the maize seedling potassium (K) and soluble sugar contents, increasing antioxidant enzyme activity, and reducing the malondialdehyde (MDA) content. The results indicate that the application of biochar and WRA alleviated drought stress by increasing the soil WRC and improving crop drought resistance in Fluvisols.