Under the background of global warming, the frequent occurrence and long-term persistence of drought events have substantial negative effects on agricultural production. As the main maize production area in midwestern Jilin Province, frequent drought and a shortage of irrigation water pose substantial threats to the production of maize. We analyzed the balance of water supply and demand in each growth period and the degree of maize yield affected by drought. The results indicate that the FIO-ESM climate model can effectively simulate the changes in temperature and precipitation, and was highly applicable to the study area. From 1980 to 2020, the drought risk indices for the sowing to jointing, jointing to tasseling, tasseling to milk-ripe, and milk-ripe to maturity stages were 0.62, 0.52, 0.48, and 0.60, respectively. In the future, the chances of a RCP8.5 scenario drought risk and an enhanced RCP4.5 scenario have eased. Spatially, the high-risk areas shift in a “west−central−southwest” pattern. Effective precipitation will decrease in the future, while the increasing water requirement of maize increases the dependence on irrigation water. The irrigation requirement index is more than 70% for all periods, particularly in the milk-ripe to maturity stage. The relative meteorological yields were positively correlated with the CWDI of the whole growth period, with the rate of reduction in maize yield and the yield reduction coefficient of variation at a high level of risk between 1980 and 2020. In the future, the negative impact of drought risk on the yield of maize lessened with no obvious trend in production. In particular, the rate of reduction and reduction coefficient of variation for the RCP8.5 scenario were 1.24 and 1.09, respectively.