In the present study, we investigated the influence of different mid-stage N compensation timings on agronomic and physiological traits associated with grain yield and quality in field experiments. Two japonica rice cultivars with a good tasting quality (Nangeng 9108 and Nangeng 5055) were examined under eight N compensation timings (N1–N6: one-time N compensation at 7-2 weeks before heading; N7: split N compensation at 5 and 3 weeks before heading; N8: split N compensation at 4 and 2 weeks before heading) and a control with no N compensation. The highest yield was obtained with N7, followed by N3. The yield advantage is mainly attributable to the improved population structure (higher productive tiller rate with a stable number of effective panicles), higher total number of spikelets per unit area (large panicles with more grains per panicle), larger leaf area index in the late period and higher photosynthetic production capacity (more dry matter accumulation and transportation in the middle and late periods). Delaying N compensation timing improved the processing and nutritional quality of rice, but decreased the quality of appearance and cooking/eating traits. Our results suggest that, from the perspective of achieving relative coordination between high yield and high quality of japonica rice, the optimal N compensation should be divided equally at 5 and 3 weeks before heading. However, if simplifying the number of operations and the pursuit of eating quality were considered, one-time N compensation should be conducted at 5 weeks before heading.