A field experiment was conducted during the two successive summer seasons of 2019 and 2020 in a clay soil. This work was done to study the effect of three irrigation water depletion treatments (50, 65 and 80% of available soil moisture, SPE) and two levels of magnetic iron application and their interactions on squash yield and its components, water application requirements, water consumption, water use efficiency, water productivity, NPK and chlorophyll contents. Results indicated that the total depth of water application requirements were 389.2, 427.0 and 490.5 mm in 2019 season, and were 400.9, 436.2 and 510.7 mm in 2020 under I₈₀, I₆₅ and I₅₀, respectively. The best WUE values of 13.34 and 12.9 kg/m³ were recorded with I₆₅ and Fe₂ treatment in 2019 and 2020 growing seasons, respectively. The highest yields of 23.9 and 23.65 t/fed were obtained with low depletion rate (I₅₀) and Fe₂ treatment, in 2019 and 2020 seasons, respectively. All of the evaluated yield components and vegetative growth traits exhibited higher values with I₅₀, and the values tended to decrease, gradually, with increasing water depletion. Furthermore, higher values of all the above-mentioned fruit quality and attributes were attained from the application of magnetic iron at 150 kg/fed (Fe₂). On conclusion, it is advisable to irrigate squash crop under I₅₀ (50% of available soil moisture) combined with applying magnetic iron at rate of 150 kg/fed in order to obtain higher and reasonable fruit yield and quality and water productivity as well under the experimental conditions.