To reduce the preparation cost of superabsorbent and improve the N release rate at the same time, a novel low-cost superabsorbent (SA) with the function of N slow release was prepared by chemical synthesis with neutralized acrylic acid (AA), urea, potassium persulfate (KPS), and N, N'-methylenebis(acrylamide) (MBA). The order of influence factors on the water absorbency property was determined by an orthogonal L(3) experiment. On the basis of the optimization results of the orthogonal experiment, the effects of a single factor on the water absorption were investigated, and the highest water absorbency (909 g/g) was achieved for the conditions of 1.0 mol urea/mol AA ratio, 100% of AA neutralized, K, 1.5% KPS to AA mass fraction, 0.02% MBA to AA mass fraction, 45 °C reaction temperature, and 4.0 h reaction time. The optimal sample was characterized by scanning electron microscopy (SEM) and Fourier transform infrared spectroscopy (FTIR). Swelling behaviors of the superabsorbent were investigated in distilled water and various soil and salt solutions. The water-release kinetics of SA in different negative pressures and soils were systematically investigated. Additionally, the maize seed germination in various types of soil with different amounts of SA was proposed, and the N could release 3.71% after being incubated in distilled water for 40 days. After 192 h, the relative water content of SA-treated sandy loam, loam, and paddy soil were 42, 56, and 45%, respectively. All of the results in this work showed that SA had good water retention and slow N-release properties, which are expected to have potential applications in sustainable modern agriculture.