This study examined the effects of on-field combined strength and power training (CSPT) on physical performance among U-14 young soccer players. Players were assigned to experimental (EG, n = 28) and control groups (CG, n = 23). Both groups underwent preseason soccer training for 12 weeks. EG performed CSPT twice a week, which consisted of strength and power exercises that trained the major muscles of the core, upper, and lower body. CSPT significantly (p < 0.05) improved vertical jump height, ball-shooting speed, 10 m and 30 m sprint times, Yo-Yo intermittent endurance run (YYIER), and reduced submaximal running cost (RC). CSPT had moderate effect on vertical jump, ball-shooting, 30 m sprint, and YYIER, small effect on 10 m sprint, RC, and maximal oxygen uptake. YYIER had significant (p < 0.05) correlations with 10 m (r = -0.47) and 30 m (r = -0.43) sprint times, ball-shooting speed (r = 0.51), and vertical jump (r = 0.34). The CSPT can be performed together with soccer training with no concomitant interference on aerobic capacity and with improved explosive performances. In addition, it is suggested that CSPT be performed during the preseason period rather than in-season to avoid insufficient recovery/rest or overtraining.