Aiming at the problems of unreasonable application of nitrogen fertilizer and unclear yield formation mechanism in the wheat-maize intercropping system in oasis irrigation area, this study focused on intercropped maize. Different cropping patterns and nitrogen application systems were established to reveal the photosynthetic physiological mechanisms underlying yield improvement in wheat-maize intercropping under delayed nitrogen application. The experiment was conducted during 2023-2024 at the Wuwei Oasis Agricultural Comprehensive Experimental Station of Gansu Agricultural University using a randomized complete block design. Two factors were examined: planting pattern (sole maize, SM; wheat-maize intercropping, IM) and nitrogen application regime (conventional nitrogen application, N1; 10% delayed nitrogen application, N2; 20% postponed nitrogen application, N3), resulting in six treatments. The results showed that the IM pattern exhibited superior photosynthetic characteristics during the late growth stage compared to SM. Compared with SM, IM exhibited higher net photosynthetic rate (Pn), stomatal conductance (Gs) and transpiration rate (Tr) and lower intercellular CO2 concentration (Ci), and postponed nitrogen fertilizer application further optimized the photosynthetic characteristics of the IM pattern. During the mid to late growth stage (silking to mid-grain filling), Pn, Gs, Tr, SPAD, and LAI of IM were on average 20.5%, 22.5%, 23.0%, 15.5%, and 10.6% higher than those of SM, respectively. Under the two planting patterns, the Pn, Gs, Tr, SPAD, and LAI of the N3 treatment were increased by 11.8%, 10.9%, 12.4%, 9.0%, and 7.9%, respectively, compared with N1 during the mid to late growth stage. The Pn, Gs, SPAD, and LAI of IMN3 during the mid to late growth stage were on average 11.6%, 12.8%, 7.8%, and 10.4% higher than those of IMN1, respectively, while the Gs of IMN3 was increased by 12.1% on average from silking to early grain filling compared with IMN1. In addition, the LAD of IM at the R1-R2 and R2-R3 stages was 11.2% and 12.6% higher than that of SM, respectively; the LAD of the N3 treatment was 6.9% and 8.2% higher than that of N1, respectively; and the LAD of IMN3 was 7.3% and 8.7% higher than that of IMN1, respectively. Over the two years, the grain yield of IMN3 was increased by an average of 23.7% and 65.9% compared with IMN1 and SMN1, respectively, and the light use efficiency (LUE) of IMN3 was increased by 12.8% and 31.9% compared with IMN1 and SMN1, respectively. Random Forest analysis showed that before wheat harvest, Gs, LAD and Pn were the main influencing factors on maize yield, while after wheat harvest, Pn, Ci, LAD, Gs, Tr, and SPAD were the main influencing factors. Therefore, IM combined with 20% nitrogen fertilizer postponing can enhance photosynthetic physiological indicators such as net photosynthetic rate, stomatal conductance, and relative chlorophyll content, improve light use efficiency and maize yield, thereby achieving high yield and high efficiency in this pattern.