The incorporation of both food and forage crops in an intercropping system is receiving increasing attention, especially in developing countries with increasing populations and limited resources. In a two-year (2019–2020) field trial, conducted in Northern Egypt, productivity of soybean and fodder maize, as well as the quality of maize herbage, were investigated under three sowing schedules; soybean and maize sown together, and maize sown 15 and 30 days after soybean, in addition to soybean and fodder maize sown in pure stands, with maize harvested at green fodder maturity (GFM), and silage maturity (SM). Harvesting fodder maize at SM resulted in higher herbage yield than harvesting it at GFM, yet it negatively affected the soybean productivity. However, this negative impact was offset when fodder maize sowing was delayed 30 days after soybean sowing. Maize harvested at GFM was characterized by a higher leaf component, which was reflected in its higher crude protein content, yet the decline in quality with advanced maturity was to a great extent, counterbalanced by the presence of high-quality ears in maize harvested at SM. This was clear in its lower fiber and higher non-fiber carbohydrate contents. Land equivalent ratio (LER) demonstrated yield advantage with the delayed sowing of fodder maize (LER > 1), while the dry matter equivalent ratio (DMER) associated the yield advantage with the late harvesting of fodder maize at SM (DMER > 1), across all sowing schedules, which was more realistic for an additive intercropping model where the dry matter is the economic component. In a soybean-fodder maize intercropping system, whether fodder maize will be cultivated for green feeding or for silage production, it is recommended that sowing is delayed until 30 days after the soybean, in order to maximize yield advantage and land use efficiency.