The enhancement of rice production numbers can be achieved by using quality rice cultivars and fertilizers. The double rice cropping model has given rise to an important rice production system in southern China. Exploring the possibility of whether hybrid vigor could make a substantial contribution to early and late season rice production, and how the heterosis expression of hybrid rice functions under different levels of fertilizer application is of great significance. The objective of this study was to evaluate the grain yield and associated plant traits of popular hybrid and inbred rice varieties with large-scale promotion under conditions of customary (high) and combined (low) fertilization in the early and late seasons of 2017-18 in Changsha County, Hunan Province, China. We found that hybrid rice varieties displayed their respective advantages in the early and late rice seasons, but the advantages in their relative yield traits varied. The leading advantages of early season rice were effective panicle number per hill (EPN), 1000-grain weight (KGW), harvest index (HI), yield, and nitrogen use efficiency (NUE), whereas in late season rice, the foremost advantages were grain number per panicle (GNP), HI, yield, and NUE. The EPN was the prime advantage of early season hybrid rice with a short growth period, and the GNP was the main advantage of late season hybrid rice with a long growth period. Notably, the main yield advantage of hybrid rice was stronger under combined (low) fertilization than under customary (high) fertilization. Hence, high yield can be achieved by selecting the best hybrid rice varieties supported by combined fertilization (lower fertilizer use with higher efficiency).