In previous investigations of several maize cultivars, an improvement of the harvest index was obtained by paclobutrazol (PAC) application combined with an increase in water‐use efficiency. However, so far nutrient‐utilization efficiencies could not be enhanced when control and PAC‐treated maize plants received the same amount of fertilizers. With adjusted fertilizer supply according to the lower requirement of the smaller, PAC‐treated plants, an improvement of nutrient‐utilization efficiencies may be expected. Thus, in the present study, PAC was applied at growth stage V5 to two maize cultivars (Zea mays L. cvs. Galactus and Fabregas) grown in a container experiment. Shortly after PAC application, differential NPK fertilization was introduced in order to obtain a nutrient supply according to the requirement of control plants (100% NPK), the requirement of PAC‐treated plants (85% NPK) and a further slight decrease (78% NPK). Plant height and transpiration rates were significantly reduced due to PAC treatment with stronger effects on Galactus than on Fabregas. Pollen shed, silking and the anthesis‐silking interval (ASI) were unaffected by PAC application and fertilizer supply. Senescence of PAC‐treated plants was delayed, whereas it was accelerated with reduced fertilizer supply. The grain yield of cultivar Galactus was significantly decreased due to PAC application by 13% to 20%, and this effect was strengthened due to reduction in NPK supply. These grain yield reductions were solely caused by decreases in kernel number, which were closely linked to reductions in cob length. On the contrary, PAC treatment did not affect grain yield of Fabregas and reductions due to less NPK supply were small. Harvest index and water‐use efficiency were enhanced by PAC treatment. Plant nutrient contents were similar for control and PAC‐treated plants, but strongly related to fertilizer supply with significant decreases due to reductions in NPK application. The N‐, P‐ and K‐utilization efficiencies of both cultivars were either decreased or unaffected by PAC treatments. The key constraint for improvements of nutrient‐utilization efficiencies is grain yield reduction due to PAC. This problem should be addressed in further studies with avoidance of grain yield decreases by delayed application time combined with fine‐tuning of cultivar‐specific PAC application rates.