A novel maize variety designated PHV7Y and seed, plants and plant parts thereof. Methods for producing a maize plant that comprise crossing maize variety PHV7Y with another maize plant. Methods for producing a maize plant containing in its genetic material one or more traits introgressed into PHV7Y through backcross conversion and/or transformation, and to the maize seed, plant and plant part produced thereby. Hybrid maize seed, plant or plant part produced by crossing the variety PHV7Y or a trait conversion of PHV7Y with another maize variety. Inbred maize varieties derived from maize variety PHV7Y, methods for producing other inbred maize varieties derived from maize variety PHV7Y and the inbred maize varieties and their parts derived by the use of those methods.