Industrial hemp, as a natural plant fiber, has received increased research attention recently. Potassium fertilization is one of the most important fertilizers for plant stem thickness, but how the formulation of K fertilizer influences stem morphology and stem tensile strength remains unclear. This study aims to examine the influence of K fertilizer sources on industrial hemp stem properties, with a specific focus on the fibers, to evaluate their potential applications as reinforcement material for stabilizing rammed earth in sustainable construction. A field experiment was set up with different K fertilizer types applied as pre-sowing fertilizer in the following doses: K0—control, K1—100 kg ha−1 KCl, and K2—100 kg ha−1 K2SO4. Different K fertilizations did not have significant influence on stem height, which was on average 71.2 cm, nor on stem diameter, which was on average 3.4 mm. Regarding the macronutrient content of the industrial hemp stem (N, P, and K), K fertilization treatment significantly influenced (p < 0.05) their accumulation. The N, P, and K content in the stem within fertilization treatment averaged 0.78, 0.72, and 1.26%, respectively. The average content of cellulose, hemicellulose, and lignin was not significantly different in relation to K fertilization treatments. In the stem, dry weight cellulose content varied from 57.8% (K0) to 59.0% (K1), hemicellulose from 11.0% (K2) to 11.6% (K0 and K1), and lignin from 10.2% (K2) to 10.5% (K0). The tensile strength and Young’s modulus of the industrial hemp stem were non-homogenous within K fertilization treatments. The highest tensile strength (388.52 MPa) and Young’s modulus (32.09 GPa) were on K1 treatment. The lowest industrial hemp stem tensile strength was determined at K2 treatment (95.16 MPa), whereas stems in the control treatment had the lowest Young’s modulus (21.09 GPa). In the mixtures of hemp fibers with rammed earth, the higher compressive strength was determined on cubic samples than on cylindrical samples. This study contributes to the industrial hemp K fertilization of the newer genotypes, but there has been a lack of research in recent times. Since industrial hemp has great potential in various industry branches, this study also contributes to using fiber extracted from the stem in eco-friendly and renewable forms in mixtures with rammed earth.