A broad range of U.S. maize (Zea mays L.) germplasm was evaluated for plant density tolerance (PDT) to identify potential sources of favorable alleles and to obtain a better understanding the underlying genetics involved. Thirty‐two hybrids created using a set of inbreds representing parentage of key heterotic subgroups were evaluated at plant densities ranging from 47,000 (19,000 plants per acre [ppA]) to 133,000 plants ha−1 (54,000 ppA). Forty‐eight phenotypic traits from five categories (photosynthetic capability, plant architecture, growth responses, source–sink relationship, and general stress tolerance) as well as grain yield were evaluated in three environments that differed for levels of soil moisture availability. The relationship between plant density and grain yield was assessed for each hybrid, with a wide range of responses observed. Five hybrids showed substantial tolerance to plant densities ≥116,000 plants ha−1 based on grain yield performance. Phenotypic trait correlations revealed a subset of traits associated with grain yield across plant densities, with all five categories of traits implicated directly; the subset included leaf angle, upper stem diameter, leaf area required to produce a gram of grain, kernel rows per ear, days to canopy closure, barrenness, kernels per plant, kernel length, leaf number, upper leaf area, staygreen, zipper effect, kernels per row, and anthesis–silking interval. Analysis of gene action for grain yield across plant densities emphasized the prominence of additivity, the increasing importance of nonadditivity as plant density and environmental stress levels increased, and genotype by environment interaction. This work paves the way for further characterization of PDT through quantitative trait locus mapping and candidate gene approaches.