In subtropical lowlands, the introduction of soybean and livestock in rotation are an alternative to rice monoculture. Due to the nutrient cycling process improved by animal grazing in winter fertilized pastures, soybean may not respond to mineral fertilization under a no-till integrated crop–livestock system (ICLS). Thus, the objectives of this study were to evaluate (i) the soybean yield response to different fertilization levels of phosphorus (P) and potassium (K) and (ii) the relationship between soybean yield and soil chemical properties sampled in different soil layers, in a no-till ICLS in subtropical lowlands. Two field studies were conducted in a system that included a soybean-flooded rice rotation integrated with cattle grazing during the winter season. During the 2015/2016 cropping season, five levels of P and K fertilization were applied to the soil. During the 2017/2018 cropping season, the relationships between soybean yield and soil chemical properties were evaluated under no fertilization treatment. Soybean yield under an ICLS did not respond to P and K fertilization, even when the soil P level was below the critical threshold. The associations between soybean yield and soil chemical properties were greatest in the 10–20 cm soil layer as compared with the 0–10 cm soil layer, especially for available P, followed by pH and soil organic matter (SOM). The crop rotation and ICLS adoption under no-till reduced the soybean reliance for mineral fertilization prior to cropping. Results of this study inform producers of possible fertilization adjustments, in which supplementing mineral fertilizer for soybean may not be necessary.