In seasonal dry tropical forests, plants are subjected to severe water deficit, and the arbuscular mycorrhizal fungi (AMF) or inorganic phosphorus supply (Pi) can mitigate the effects of water deficit. This study aimed to assess the physiological performance of Poincianella pyramidalis subjected to water deficit in combination with arbuscular mycorrhizal fungi (AMF) and leaf inorganic phosphorus (Pi) supply. The experiment was conducted in a factorial arrangement of 2 water levels (+H2O and -H2O), 2 AMF levels (+AMF and -AMF) and 2Pi levels (+Pi and -Pi). Leaf primary metabolism, dry shoot biomass and leaf mineral nutrients were evaluated. Inoculated AMF plants under well-watered and drought conditions had higher photosynthesis and higher shoot biomass. Under drought, AMF, Pi or AMF+Pi plants showed metabolic improvements in photosynthesis, leaf biochemistry and higher biomass compared to the plants under water deficit without AMF or Pi. After rehydration, those plants submitted to drought with AMF, Pi or AMF+Pi showed a faster recovery of photosynthesis compared to treatment under water deficit without AMF or Pi. However, plants under the drought condition with AMF showed a higher net photosynthesis rate. These findings suggest that AMF, Pi or AMF+Pi increase the drought tolerance in P. pyramidalis, and AMF associations under well-watered conditions increase shoot biomass and, under drought, promoted faster recovery of photosynthesis.