Drought has major consequences on the growth, development, and yield of the maize crop by affecting several physiological, morphological, and biochemical processes. The effects and management techniques of maize were covered in this review. The morphological and physiological difficulties experienced by the maize crop were determined by the degree of stress and the sensitivity of the stages of the crop. It inhibits cell division, limits photosynthesis, increases plant development, diminishes leaf water potential, closes stomata, and reduces chlorophyll synthesis. Furthermore, drought stress has effects on yield and yield parameters like kernel number and grain yield per plant, biomass production, and number of kernels per ear, kernel weight, and harvest index as compared to well-watered plants. Additionally, it has an impact on respiration, translocation, nutrient metabolism, and carbohydrate metabolism. There were different management practices applied to the drought stress on the maize crop, such as breeding programs, nutrient management, plant growth-promoting bacteria, and others, that have provided an effective strategy for dealing with drought stress. In general, this analysis offers important details on the impact of drought stress on maize growth and yield as well as how to manage it. The development of plant species with a reduced water requirement, genetic engineering to create more tolerant maize varieties, and sustainable use of certain nontoxic growth regulators and antioxidant metabolism in plants under drought conditions all need more attention for future research. Finally, very few molecular marker breeding studies and gene transfers were conducted, indicating the need for more research.