Waterlogging is a common abiotic stress in global maize production. Maize flowering stage (from tasseling to silking) is more fragile to environmental stresses, and this stage frequently overlapped the plum rain season in the middle and lower reaches of Yangtze river in China and affect the yield and quality of spring-sown maize severely. In the present study, the soil moisture content under control and waterlogging conditions at the flowering stage was controlled by a negative-pressure water supply and controlling pot device in a pot trial in 2014–2015. The grain yield, starch content, and starch structural and functional properties under two soil moisture levels were compared using Suyunuo5 (SYN5) and Yunuo7 (YN7) as materials, which are the control hybrids of National waxy maize hybrid regional trials in Southern China. The results observed that the grain yield was reduced by 29.1% for SYN5 with waterlogging due to the decreased grain weight and numbers, which was significantly higher than that of YN7 (14.7%), indicated that YN7 was more tolerant to waterlogging. The grain starch content in YN7 was decreased by 9.4% when plants suffered waterlogging at the flowering stage, whereas the content in SYN5 was only decreased in 2014 and unaffected in 2015. The size of starch granules and proportion of small-molecule amylopectin with waterlogging at the flowering stage increased in SYN5 and decreased in YN7 in both years. The type of starch crystalline structure was not changed by waterlogging, whereas the relative crystallinity was reduced in SYN5 and increased in YN7. The pasting viscosities were decreased, and the pasting temperature was unaffected by waterlogging in general. The gelatinization enthalpy was unaffected by waterlogging in both hybrids in both years, whereas the retrogradation enthalpy and percentage in both hybrids were reduced by waterlogging in 2014 and unaffected in 2015. Between the two hybrids, YN7 has high pasting viscosities and low retrogradation percentage than SYN5, indicated its advantages on produce starch for more viscous and less retrograde food. In conclusion, waterlogging at the flowering stage reduced the grain yield, restricted starch accumulation, and deteriorated the pasting viscosity of waxy maize. Results provide information for utilization of waxy maize grain in food production. [ABSTRACT FROM AUTHOR]