The incorporation of trees on traditional agricultural land has the potential for providing beneficial conditions for understory crops by altering the microclimate. Under these assumptions, we conducted a study on maize productivity intercropped in a 14-year-old walnut orchard by measuring growth and yield parameters, and water and nutrient uptake. Overall, we found that walnut trees decreased maximum air temperature and increased air humidity, especially during hot summer months characterized by precipitation deficit. A 30% reduction in maize yield per total area was a result of significantly reduced plant density, which could be a walnut-specific effect due to juglone excretion. Productivity per plant increased as shown by a significantly higher harvest index and 1000 kernel weight. No meaningful differences were found in terms of maize grain nutrient productivity, nutrient recovery, or nutrient use efficiency. On the systems level, we observed an advantage of the walnut-maize system compared to its respective monoculture systems—land and water equivalent ratios showed that for gaining the same yields as in intercropped system, walnut and maize grown separately would need 32% more land and 31% more water. Our study implies there are some beneficial outcomes to growing maize with trees, although further research should focus on investigating walnut as an option, due to its possible allelopathic effects.