Efficient use of land and water is essential for better agricultural productivity. For this, there is a need to understand the changes in land and water productivity in response to the changing cropping pattern in any area. A review of the literature showed the lack of such analysis in the state of Punjab in India. Therefore, the present study aims to assess the temporal changes in the cropping pattern and their effects on the land and water productivity in the state of Punjab over the 53 years (1966–2019). Data on the area, production, and yield of the main crops in the Kharif (monsoon) and rabi (winter) seasons are collected from the Directorate of Economics and Statistics (DES), Govt. of India. The findings show an increase in land and water productivity of almost all crops during the study period; however, their growth rate has shown a decline, particularly in rice and wheat. Similar changes are also found in aggregate land and water productivity, signifying the fact that the farmers are getting more earnings per unit of land and water. However, the emergent land use would not be sustainable from the agronomic angle, specifically rice. Accordingly, there is a need to increase water productivity because water is declining in the area. The present study would be useful for land and water management for sustainable agriculture and livelihood.