Phytochrome-interacting factors (PIFs) play major roles in regulating plant growth and development, but their roles in drought stress remain elusive. Here, we cloned and characterized a maize (Zea mays) PIF transcription factor, ZmPIF1. The expression level of ZmPIF1 was significantly induced by independent drought and abscisic acid (ABA) treatments. The ZmPIF1 transgenic rice and Arabidopsis displayed water-saving and drought-resistance, which were associated with reduced a stomatal aperture and transpiration rate. Moreover, the ZmPIF1 transgenic rice were hypersensitive to exogenous ABA, while the endogenous ABA level was not significantly changed, suggesting that ZmPIF1 was a positive regulator of the ABA signaling pathway. Digital gene expression (DGE) results further indicated that ZmPIF1 participated in ABA signaling pathway and regulated the stomatal aperture in rice. In addition, grain yield and agronomic traits analysis over four years showed that ZmPIF1 was able to increase the grain yield through an increase in tiller and panicle numbers in transgenic rice. Overall, ZmPIF1 plays an important role in the ABA-mediated regulation of stomatal closure to control water loss. ZmPIF1 can enhance water-saving and drought-resistance and improve the crop yield in rice, illustrating the capacity of ZmPIF1 for crop improvement. This article is protected by copyright. All rights reserved.