Wheat (Triticum aestivum) productivity, in water deficit areas such as Ethiopia, is threatened by low soil fertility, weed infestation and moisture stress. Organic Mulch was believed to avert these challenges but only limited scientific information, on its level of effects (crop yield, soil moisture conservation and weed control), was available. Hence, an experiment was carried out on Cambisols in Tigray/Ethiopia during the 2019/20 growing season following a Randomized Complete Block Design (RCBD). Four organic mulch types (maize stalk, sorghum stalk, wheat straw, and finger millet straw), each at the rates of 2 ton ha− 1 were compared against the control (no mulch). Their economic visibility was evaluated using partial budget analysis. Our experimental results revealed that mulched plots had a significantly higher weed control efficiency, soil moisture content, grain yield, and net benefit as compared to the control. Mulching in general improved Wheat grain yield by 26.8%, soil moisture (at 0–20 cm) by 73.7%, weed control efficiency by 57.4%, and net benefit by 19.7% as compared to the control. Maize and sorghum stover mulches were the most profitable mulch types which increased net benefit by 38.2 and 27.6%, respectively. It can be concluded that organic mulching with Maize and Sorghum stover is a good option to improve crop production, soil moisture and reduce weed infestation in the moisture deficit areas.