This study examined the planting density tolerance, grain yield improvement potential, and mechanisms of high-yielding spring maize varieties under increasing planting density and subsoiling. We planted two high-yielding spring maize varieties with a high or low tolerance to high planting densities (LM33 and XD20, respectively) at five different densities (D1: 60,000 plants ha−1, D2: 75,000 plants ha−1, D3: 90,000 plants ha−1, D4: 105,000 plants ha−1, and D5: 120,000 plants ha−1) using two tillage methods (35-cm subsoiling and 15-cm traditional rotary tillage). The response characteristics used to compare the performance of the two maize varieties under different planting densities and tillage methods included root characteristics, canopy physiology, yield, and yield components. The results show that: (1) Under rotary tillage, with the increase of planting density from 75,000 plants ha−1 to 90,000 plants ha−1, yields of high-yielding spring maize varieties improved. However, when the planting densities were beyond 90,000 plants ha−1, the yields stopped increase, or even decrease. Subsoiling increased the planting density by 15,000 plants ha−1, enhanced the highest yield by 1080 kg ha−1–1940 kg ha−1, and raised the yield gain by 11.17–30.72%. (2) Under rotary tillage, the functional indexes of the roots and canopy of high-yielding spring maize decreased as planting density increased, and the largest reductions of root dry weight, leaf area index (LAI) of post-anthesis, light transmission percentage (LTP) of ear leaves, bottom leaves LTP, and dry matter accumulation all occurred between D2 and D4. The largest decline of high tolerance variety emerged between D3 and D5, and the extent was smaller than the low tolerance variety. (3) Compared with rotary tillage, subsoiling reduced the extent declines in root dry weight, root length, and root surface area; delayed the attenuation of LAI and the relative chlorophyll content (SPAD) determined in leaves; and improved the LTP of ear layers and bottom layer during the late growth stage. The post-anthesis populations dry matter accumulation of XD20 and LM33 increased by 7.07% and 13.18%, respectively. In addition, subsoiling significantly increased the number of kernels/spike and 1000-grain weight as the planting density increased. Meanwhile, the planting densities at which dry root weight, population LAI, ear leaf LTP, bottom leaf LTP, and dry matter accumulation arose the largest reductions was raised to 15,000 plants ha−1. The effects of subsoiling in the high density-tolerant variety were more pronounced than the low density-tolerant variety.