Southern Xinjiang is an important soybean production region in China. However, the short growing season and the cultivation of winter crops (such as wheat) in the region limit the expansion of soybean planting areas. An increased planting density can compensate for the loss in yield due to delayed sowing. To identify the quantitative relationship between increased density and delayed days, a two-year field experiment was conducted at the Tarim University Agronomy Experiment Station. Two sowing dates (April 7 (S1) and May 7 (S2)) and three planting densities of 206,800 plants·ha−1 (D1), 308,600 plants·ha−1 (D2), and 510,200 plants·ha−1 (D3) were used to compare various plant growth parameters and canopy characteristics. Late sowing and a high planting density significantly increased the plant height (S2 was 37.3% higher than S1, and D3 was 17.6% and 8.8% higher than D1 and D2), main stem internode, petiole length, and the mean tilt angle of the leaves (S2 was 22.5% higher than S1, and D3 was 11.7% higher than D2) but reduced the stem diameter (D3 was 28.6% and 12.5% lower than D1 and D2), branch number (S2 was 26.7% lower than S1, and D2 was 75% lower than D1), canopy light transmittance (S2 was 49.2% lower than S1, and D3 was 36.7% and 20.8% lower than D1 and D2), photosynthetic rate, and dry matter. The highest yield was achieved at S1D1, but the lowest yield was found for S2D1. Overall, the results suggest that earlier sowing and a lower planting density contribute to achieving an optimum canopy structure and higher yield. Our conclusions provide a reference for soybean production in southern Xinjiang.