This study explored the physiological and molecular mechanisms of yield increase in maize under stable soil water content (SW) conditions. Results of the study showed that under SW conditions, corn yield increased by 38.72 and 44.09% in 2019 and 2020, respectively. Further, it was found that dry matter accumulation, economic coefficient and photosynthetic rate also increased by 31.24 and 25.67%, 5.45 and 15.38% as well as 29.60 and 31.83% in 2019 and 2020 respectively. However, the results showed that both the activity of antioxidant enzymes and content of osmotic adjustment substances decreased in maize under SW conditions. When compared with soil moisture content of dry and wet alternation (DW) conditions, SW could not only significantly promote growth and yield of maize but also increase the economic coefficient. Transcriptome profiles of maize leaves under the two conditions (SW and DW) were also analyzed and compared. It was found that 11 genes were highly up-regulated in the photosynthesis pathway. These genes included photosystem II protein V (PsbE), photosystem II protein VI (PsbF), photosystem II protein D1 (PsbA), photosystem II protein D2 (PsbD) and ATP synthase CF1 beta subunit (atpB). Further, it was found that four genes were up-regulated in the oxidative phosphorylation pathway., These were ATP synthase CF1 epsilon subunit (atpE), ATP synthase CF1 beta subunit (atpB), NADH dehydrogenase subunit 4L (ndhE) and NADH dehydrogenase subunit 6 (ndhG). In conclusion, the physiological mechanism of stable soil water content (SW) to increase corn yield may be the enhancement of photosynthetic capacity and energy metabolism.