Inconsistent reports exist on the relationships between key agronomic traits and maize yield. We performed a multivariate analysis of yield and 10 agronomic traits in 59 hybrids to explore maize yields in mountainous areas. The yield per plant (YP) was significantly and positively correlated with kernel weight (KW), growth period (GP), and kernel row number (KRN). KW and KRN had positive effects on YP, whereas kernel rows per ear (KRE) had a negative effect. GP indirectly affected YP. GP, KW, KRN, and ear length (EL) showed the highest grey relational degree with YP. The first four principal components cumulatively accounted for 73.36% of variation. EL, KW, plant height (PH), ear height (EH), GP, KRN, and YP contributed positively to the variation, whereas KRE, shelling percentage (SP), bald-tip length (BTL), and ear girth (EG) contributed negatively. Based on trait similarity, the 59 maize hybrids were classified into two clusters, Clusters I and II. A total of 11 traits were grouped into four clusters, Clusters A–D. Cluster D included KW, GP, KRN, EL, EH, PH, and YP, and the 22 maize hybrids in Cluster I performed better in these traits. These results provide a theoretical basis for the breeding of high-yield maize varieties in mountainous areas.