Taking the four typical fruit-crop intercropping models, i.e., walnut-peanut, walnut-soybean, apple-peanut, and apple-soybean, in the Loess Region of western Shanxi Province as the objects, this paper analyzed the crop (peanut and soybean) photosynthetic active radiation (PAR), net photosynthetic rate (P(n)), yield, and soil moisture content. Comparing with crop monoculture, fruit-crop intercropping decreased the crop PAR and P(n). The smaller the distance from tree rows, the smaller the crop PAR and P(n). There was a significantly positive correlation between the P(n) and crop yield, suggesting that illumination was one of the key factors affecting crop yield. From the whole trend, the 0-100 cm soil moisture content had no significant differences between walnut-crop intercropping systems and corresponding monoculture cropping systems, but had significant differences between apple-crop intercropping systems and corresponding monoculture cropping systems, indicating that the competition for soil moisture was more intense in apple-crop intercropping systems than in walnut-crop intercropping systems. Comparing with monoculture, fruit-crop intercropping increased the land use efficiency and economic benefit averagely by 70% and 14%, respectively, and walnut-crop intercropping was much better than apple-crop intercropping. To increase the crop yield in fruit-crop intercropping systems, the following strategies should be taken: strengthening the management of irrigation and fertilization, increasing the distances or setting root barriers between crop and tree rows, regularly and properly pruning, and planting shade-tolerant crops in intercropping.