Brazil is one of the largest soybean producer of the world and the Cerrado biome has played a pivotal role in this expansion. Due to the economic and agronomic challenges associated with the maize production as a second summer crop in this region, cover crops are gaining popularity as a strategy to diversify the agricultural system while enhancing soil health. This study assessed the benefits of single species of cover crops and a mix of cover crop species in between harvest seasons to the soybean grain yield and nematode supression. The study was carried out for three years in two locations within the Cerrado biome. We evaluated six cover crop treatments after soybean cultivation: 1) Mix of cover crops (Pennisetum glaucum, Crotalaria spectabilis, and Urochloa ruziziensis), 2) P. glaucum (Pearl millet), 3) Crotalaria spectabilis, 4) Urochloa ruziziensis (Congo grass) 5) Urochloa brizantha cv. Marandu (Marandu palisadegrass), and 6) Urochloa brizantha BRS Paiaguás (Paiaguás palisadegrass). P. glaucum and U. brizantha cv. Marandu produced highest amounts of biomass on a 3‐year average. In one site, P. glaucum produced more biomass than other cover crops by 210%. Tropical grasses (U. ruziziensis, Marandu, and Paiaguás), along with the cover crop mixture, exhibited intermediate biomass levels in the site with higher P. glaucum biomass production and did not differ from P. glaucum in the other site. Cover crops varied nutrient uptake depending on the species. Decomposition rates varied among cover crops as expected, with C. spectabilis decomposing rapidly and releasing substantial amounts nutrients, particularly nitrogen. In contrast, the cover crop mixture had a slower decomposition. The choice of cover crop significantly influenced soybean population and yield, with some variability across years and locations. The cover crop mixture consistently supported higher soybean populations and yields, highlighting its potential for enhancing soybean production, nutrient cycling, and nematode suppression. It effectively reduced nematode abundance in soybean roots, highlighting its role in nematode management. Our findings emphasize the robustness and versatility of cover crop mixtures in mitigating weather variability across years and sites. They consistently performed well in terms of biomass production, nutrient uptake, soybean yields, and nematode control. This study highlights the vital role of cover crops in the Cerrado ecosystem, enhancing soil health, crop productivity, and environmental sustainability. The choice of cover crop species and mixtures offers a valuable tool for farmers seeking resilient and sustainable agricultural practices amid changing environmental conditions.