Continuous adoption of improved maize varieties in the last three decades has changed farm landscapes from heterogeneity to maize homogeneity in semiarid areas of Ethiopia. This has substantially decreased maize productivity. Recently, farmers have integrated faba bean into maize-based farming systems aimed at increasing productivity. Yet, there is limited information on the effects of maize-faba bean intercropping on productivity and land-use efficiency. We studied the effects of maize intercrops with two faba bean varieties (Gora and Moti) at three different densities (25, 50, and 75%) of the recommended sole faba bean (250,000 plants ha−1) on yield, economic return, and some soil fertility indicators in Tigray, northern Ethiopia. Randomized complete block design with three replications was used for the experiment. The intercrops revealed that a significantly higher total grain yield, economic revenue, and land equivalent ratio (LER) over the sole cropping. Intercrops also showed higher soil organic carbon and total nitrogen compared to the preplanting soil and sole maize. Maize intercropped with the Gora faba bean variety at a density of 50% increased the total grain yields, economic return, and LER, respectively, by 13, 42, and 38% over the sole maize. The intercrop also increased soil total N by 55 and 22% compared to the preplanting soil and sole maize, respectively. Intercropping maize with faba bean significantly improved crop yield, income, land-use productivity, and some soil fertility indicators than either the sole maize or faba bean crop in the semiarid region of northern Ethiopia.