ABSTRACTMaize, a cereal crop of global significance, encounters cultivation challenges in the subtropical regions of Guangxi, mainly due to variable rainfall and low soil fertility, exacerbating the effects of drought. This study evaluated the effects of irrigation and nitrogen fertilisation on overcoming these challenges and improving maize growth and yield. Between 2020 and 2021, a split‐plot experiment was conducted. The main plots were assigned to two irrigation treatments: irrigated and rainfed. Within each main plot, subplots were treated with different nitrogen levels (0, 150, 200, 250 and 300 kg ha−1). The results showed that nitrogen levels and water regime significantly impacted several key factors, including the net photosynthetic rate (Pn), stomatal conductance (Gs), transpiration rate (Tr), intercellular carbon dioxide concentration (Ci), photosynthetically active radiation (PAR), carbon‐metabolising enzymes and total carbon (TC) content accumulation. Under drought‐like rainfed conditions, the application of nitrogen, RN300 (rainfed application nitrogen 300 kg ha−1), IN250 (irrigated application nitrogen 250 kg ha−1) significantly enhanced the Pn (10.0%), Tr (3.17%), Ci (3.41%) and Gs (2.6%). Additionally, PAR was significantly influenced by the water regime and nitrogen levels. Under IN250, the capture ratio (Ca) increased (2.36%), while the penetration ratio (Pe) and reflectance ratio (Re) decreased by 13.12% and 46.36%, respectively, compared to RN300. The levels of carbon metabolism enzymes (sucrose phosphate synthase and phosphoenolpyruvate carboxylase) and the TC content were higher under RN300 compared to IN250; however, these differences were not statistically significant. Path analysis revealed that thousand kernel weight had the most significant impact on yield under both water regimes. The effect was stronger under irrigated conditions, with a path coefficient of 0.647, compared to 0.459 under rainfed conditions. Correlation analysis indicated that plant height (0.938), stem diameter (0.906), ear diameter (0.928) and ear length (0.803) were positively correlated with nitrogen levels. In conclusion, maize under IN250 exhibited superior photosynthetic performance and carbon accumulation. This suggests that balanced irrigation and nitrogen management can effectively mitigate the adverse impacts of drought on maize, optimising growth and yield sustainably.