An appropriate drip irrigation amount and the straw return method are important ways to save water and achieve efficient maize production in semi-arid areas. A 2-year controlled field plot experiment was performed with two factors: straw return (straw removal, straw mulching) and differing drip irrigation amounts (200, 350, and 500 mm). Changes in growth, development, photosynthesis, yield, the components, and the water-use characteristics of maize under the intercropping conditions of drip irrigation amount and straw return were studied. The results showed that an increase in drip irrigation favored an increase in the net photosynthetic rate (Pn), stomatal conductance (Gs), and intercellular carbon dioxide concentration (Ci) of maize, and promoted an increase in maize plant height and leaf area index, which resulted in the accumulation of more dry matter and increased the maize yield. Compared with straw removal, straw mulching maintained a higher photosynthetic capacity at the later stages of maize growth and development under irrigations of 200 and 350 mm; the average increase in Pn over two years ranged from 4.06 to 19.19%; and good plant growth was maintained, thereby leading to the accumulation of more dry matter, with the average increase over two years ranging from 0.51 to 27.22%. Straw mulching also significantly improved water-use efficiency (WUE) at 350 mm of irrigation, with the average increase in yield over two years ranging from 4.58 to 4.83%. Overall, straw mulching had a positive impact on maize when irrigation was low, and when it was high, straw mulching did not adversely affect maize. Therefore, irrigation combined with straw mulching technology may be used to improve maize yield and WUE in semi-arid areas of Jilin Province.