Oilseed crops require several micronutrients to support their physiological functions and reproductive phases. A deficiency of these nutrients can significantly reduce the yield and oil quality of oilseed crops. Soil application of micronutrients can reduce their deficiency and improve plant growth, yield, and oil quality. Oilseed rape (Brassica napus L.) is an important oilseed crop that produces oil with low levels of saturated fat and high levels of beneficial omega-3 fatty acids, which renders it a widely used cooking oil. However, the yield and oil quality of oilseed rape are significantly affected by the deficiency of boron (B) and zinc (Zn). This two-year field study determined the influence of sole and combined soil application of B and Zn on the physiological attributes of plants, seed and oil yields, and oil quality under semiarid climatic conditions. Nine different B and Z combinations, i.e., B0 + Zn0 (control), B0 + Zn8, B0 + Zn10, B1 + Zn0, B1 + Zn8, B1 + Zn10, B2 + Zn0, B2 + Zn8, and B2 + Zn10 (kg ha−1), were included in the study. Sole and combined application of B and Zn significantly altered physiological attributes, seed and oil yields, and oil quality. The highest values for plant height, number of siliques per plant, number of seeds per silique, 1000-seed weight, seed and oil yields, oil quality (higher stearic acid, palmitic acid, oleic acid, linoleic acid, linolenic acid, and lower erucic acid), and physiological traits (protein concentration, soluble sugar concentration, chlorophyll concentration, photosynthesis and transpiration rates, and stomatal conductance) were recorded with the combined application of 2 + 8 kg ha−1 B and Zn, respectively, during both years of this study. The lowest values of yield- and oil-quality-related traits and physiological attributes were recorded for the control treatment. A dose-dependent improvement was recorded in B and Zn contents in leaves, and the highest values were recorded with the combined soil application of 2 + 10 kg ha−1 B + Zn, respectively. It can be concluded that 2 + 8 kg ha−1 B + Zn should be applied to oilseed rape for higher seed and oil yields and better oil quality under semiarid climatic conditions.