In drought-affected maize production zones with short growing periods, the development and use of early maturing drought-tolerant cultivars can stabilize maize production. We evaluated 10 improved and 25 farmers' early maturing maize varieties under moisture deficit and well-watered conditions for 2 years to identify suitable genetic materials for breeding drought-tolerant cultivars. The varieties exhibited significant differences in grain yield and other traits under both moisture deficit and well-watered conditions. Changes in the rank order of the varieties for grain yield was not significant across the different levels of moisture supply in this study. Grain yield was significantly correlated with days to anthesis, days to silking, plant height, ear height, ear number and anthesis–silking interval (ASI) under the two irrigation treatments and with leaf death scores under moisture deficit, suggesting that the common traits were beneficial in maximizing grain yield under both sufficient water supply and moisture deficit. Grain yield and the traits significantly correlated with it differentiated the early maturing maize varieties into two distinct groups under well-watered condition and moisture deficit. The improved varieties were superior to the farmers' varieties in grain yield and other traits under moisture deficit, possibly due to selection of their progenitors for improved performance in multiple locations. We found some farmers' and improved varieties with similar yield potential and flowering time under well-watered conditions but with marked differences in grain yield and other traits under moisture deficit. Use of such promising landraces that would also be invaluable sources of desirable farmers-preferred end-use quality traits in combination with promising improved varieties as breeding materials could enhance the genetic grain from selection for drought tolerance in early maize.