Cover cropping is a soil restorative strategy that can save degraded soils and offer additional benefits relative to the traditional fallow-based practice in semi-arid cropping systems. This study aimed to (i) quantify the above (shoot)- and belowground (root) biomass production, nutritive value, and tissue carbon and nitrogen concentrations from different annual cool-season cover crop systems, and (ii) determine their effects on soil organic carbon, total nitrogen, soil respiration, and soil microbial population biomass in a semi-arid environment. Treatments used were monocultures of annual ryegrass (Lolium multiflorum Lam.), oat (Avena sativa L.), faba bean (Vicia faba L.), yellow sweetclover [Melilotus officinalis (L.) Lam], winter pea (Pisum sativum L.), two three-species mixtures (Mix 1: annual ryegrass + faba bean + yellow sweetclover and Mix 2: Oat + faba bean + winter pea), and a fallow laid out in a randomized complete block design with three replications. Averaged across years, Mix 2 produced greater shoot biomass (9714 kg DM ha−1; SE = 699) than all other cover crop systems except, the monoculture of oat (7970 kg DM ha−1; SE = 699). The plant tissue C/N ratio of the mixtures and monoculture legumes was mostly similar (range = 19.4–29.1). Overall, legumes produced superior relative feed value (RFV; 112–161) compared to grass monocultures and mixtures (RFV; 80–95). Soil gram-negative bacteria biomass was greatest under the yellow sweetclover monoculture. Based on the results of this study, the mixed cover crop systems (Mix 1 and Mix 2) offered a better chance of fulfilling the dual role of soil health improvement and feed quality for livestock in this semi-arid environment.