Lucky bamboo, known botanically as dracaena sanderiana, is not a bamboo at all but a bog-loving evergreen perennial native to the Cameroon in West Africa. It can be grown in water or soil and is considered an invasive species in many areas. When planted in nutrient-rich boggy ground, soil fertilizing is not needed or recommended. When grown in water or a small container of soil light, infrequent feedings can help to maintain a deep green color and growth in size if the plant is struggling.
Feed container-planted lucky bamboo growing in soil lightly once every other month with a balanced plant fertilizer. Dilute the fertilizer with water to 50 percent of the recommended strength and pour through the planting medium until saturated and allow the excess to drain away.
Add plant fertilizer to the water used to root and grow lucky bamboo when soil is not used. Change the water around the lucky bamboo roots at least once a month, adding 1/4 to 1/3 tsp. of a balanced formula crystal or liquid plant fertilizer to the water and mixing well to dissolve or distribute. More fertilizer is not better and can damage the roots or spur weak top growth.
Refrain from fertilizing lucky bamboo that is already growing well and maintains a deep green color as it is likely absorbing some nutrition from the water and receiving adequate sunlight to feed itself.