The contradiction between increased irrigation demand and water scarcity in arid regions has become more acute for crops as a result of global climate change. This highlights the urgent need to improve crop water use efficiency. In this study, four irrigation volumes were established for drip-irrigated maize under plastic mulch: 2145 m3 ha−1 (W1), 2685 m3 ha−1 (W2), 3360 m3 ha−1 (W3), and 4200 m3 ha−1 (W4). The effects of these volumes on soil moisture, maize growth, water consumption, crop coefficients, and yield were analyzed. The results showed that increasing the irrigation volume led to a 2.86% to 8.71% increase in soil moisture content, a 24.56% to 47.41% increase in water consumption, and a 3.43% to 35% increase in the crop coefficient. Maize plant height increased by 16.34% to 42.38%, ear height by 16.85% to 51.01%, ear length by 2.43% to 28.13%, and yield by 16.96% to 39.24%. Additionally, soil temperature was reduced by 1.67% to 5.67%, and the maize bald tip length decreased by 6.62% to 48%. The irrigation water use efficiency improved by 6.57% to 28.89%. A comprehensive evaluation using the TOPSIS method demonstrated that 3360 m3 ha−1 of irrigation water was an effective irrigation strategy for increasing maize yield under drip irrigation with plastic mulch in the southern border area. Compared to 4200 m3 ha−1, this strategy saved 840 m3 ha−1 of irrigation water, increased the irrigation water use efficiency by 23.96%, and resulted in only a 0.84% decrease in yield. The findings of this study provide a theoretical foundation for optimizing production benefits in the context of limited water resources.