Intercropping has been widely recognized to have great advantages in terms of increasing yield, controlling pests and diseases, and saving land, particularly in developing countries. Regulated deficit irrigation reduces water consumption and improves water productivity (WP). However, it is unclear whether the combination of intercropping and deficit irrigation could improve crop yield and WP simultaneously. In this experiment, three planting modes, including forage maize (Zea mays L.) monoculture (M), lablab bean (Lablab purpureus L.) monoculture (L), and maize-lablab bean intercropping (ML) were used. Six irrigation modes were set for each planting mode, including severe water deficit (W1), late water deficit (W2), alternate water deficit (W3), late moderate water deficit (W4), early moderate water deficit (W5), and full irrigation (W6). Results showed that compared with M, the ML treatment significantly increased the fresh forage yield (9.8%–17.0%), hay yield (9.5%–13.1%), crude protein yield (22.9%–25.9%), and WP (7.8%–8.7%). The W5 treatment achieved similar fresh forage yield, hay yield, and crude protein yield as that of the W6 treatment but reduced irrigation water by 25% and increased the WP (21.9%–24.8%). Intercropping achieved a high-water equivalence ratio (WER;1.52–1.81) and land equivalence ratio (LER;1.56–1.84), indicating its advantages over monocultures. The W6 treatment had the lowest WER and LER, suggesting that excessive irrigation can reduce the efficiency of utilizing land and water resource in maze-based forage production. Among all treatments, ML–W5 achieved the highest net income and output to input ratio. Overall, intercropping of forage maize and lablab bean with moderate deficit irrigation at an early stage could be used as a high-yield and efficient forage production system in the arid areas of northwest China.
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