Alfalfa in China is mostly planted in the semi-arid or arid Northwest inland regions due to its ability to take up water from deep in the soil and to fix atmospheric N2 which reduces N fertilizer application. However, perennial alfalfa may deplete soil water due to uptake and thus aggravate soil desiccation. The objectives of this study were (1) to determine the alfalfa forage yield, soil property (soil temperature (ST), soil water content (SWC), soil organic carbon (SOC) and soil total nitrogen (STN)) and greenhouse gas (GHG: methane (CH4), nitrous oxide (N2O), and carbon dioxide (CO2)) emissions affected by alfalfa stand age and growing season, (2) to investigate the effects of soil property on GHG emissions, and (3) to optimize the alfalfa stand age by integrating the two standard criteria, the forage yield and water use efficiency, and the total GHG efflux (CO2-eq). This study was performed in alfalfa fields of different ages (2, 3, 5 and 7 year old) during the growing season (from April to October) in a typical salinized meadow with temperate continental arid climate in the Northwest inland regions, China. Despite its higher total GHG efflux (CO2-eq), the greater forage yield and water use efficiency with lower GEIhay and high CH4 uptake in the 5-year alfalfa stand suggested an optimal alfalfa stand age of 5 years. Results show that ST, SOC and RBM alone had positive effects (except RBM had no significant effect on CH4 effluxes), but SWC and STN alone had negative effects on GHG fluxes. Furthermore, results demonstrate that in arid regions SWC superseded ST, SOC, STN and RBM as a key factor regulating GHG fluxes, and soil water stress may have led to a net uptake of CH4 by soils and a reduction of N2O and CO2 effluxes from alfalfa fields. Our study has provided insights into the determination of alfalfa stand age and the understanding of mechanisms regulating GHG fluxes in alfalfa fields in the continental arid regions. This knowledge is essential to decide the alfalfa retention time by considering the hay yield, water use efficiency as well as GHG emission.