In the present study, we examined the potential role of paclobutrazol in delaying leaf senescence, in causing changes in the activities of antioxidants, and in the maintenance of photosynthetic activity during the senescence process, and, therefore, on the grain yield of maize under semiarid field conditions. Maize seeds were pretreated with 0 (CK), 200 (PS1), 300 (PS2), and 400 (PS3) mg paclobutrazol L−1. Our results indicated that elevated levels of reactive oxygen species (ROS) and higher accumulation of malondialdehyde (MDA) contents were positively associated with accelerated leaf senescence during the grain-filling periods. The leaf senescence resulted in the disintegration of the photosynthetic pigments and reduced the net photosynthetic rate after silking. However, the resultant ROS burst (O2− and H2O2) was lessened and the leaf senescence and chlorophyll degradation were evidently inhibited in leaves of paclobutrazol-treated maize plants, which was strongly linked with upregulated activities of antioxidant enzymes in treated plants. The enhanced chlorophyll contents and availability of a greater photosynthetic active green leaf area during the grain filling period facilitated the maintenance of higher photosynthetic rate, and light-harvesting efficiency of photosynthesis associated with photosystem II (PSII) resulted in higher kernel number ear−1 and thousand kernel weights, and thus increased the final grain yield. The average maize grain yield was increased by 18.8% to 55.6% in paclobutrazol treatments, compared to untreated control. Among the various paclobutrazol treatments, PS2 (300 mg L−1) treatment showed the most promising effects on enhancing the activities of antioxidative enzymes, delaying leaf senescence and improving the yield of maize. Thus, understanding this effect of paclobutrazol on delaying leaf senescence introduces new possibilities for facilitating yield improvement of maize under semiarid conditions.