The expansion of areas affected by drought worldwide has a negative effect on yield and crops production, making water deficits the most significant abiotic stress that limits the growth and development of plants. The use of arbuscular mycorrhizal fungi (AMF) is a strategy that mitigates the effects of this stress in a sustainable way, given the increase in the tolerance to water deficit stress in plants inoculated with these fungi; however, the exact mechanism is unknown because the response depends on the water-deficit stress type and is specific to the AMF and the plant. This review describes the mechanisms that explain how the AMF colonization of roots can modify the response of plants during a water deficit, as well as its relationship with physiological processes that determine yield, photosynthesis and photoassimilate partitioning. These mechanisms may include modifications in the content of plant hormones, such as strigolactones, jasmonic acid (JA) and absicic acid (ABA). The JA appears to be involved in the stress signal in mycorrhizal plants through an increase of ABA concentrations and, at the same time, ABA has a regulating effect on strigolactone concentrations. Also, there is improvement of plant water status, stomatal conductance, nutritional status and plant responses to cope with a water deficit, such as osmotic adjustment, and antioxidant activity. These modifications cause an increase in CO assimilation and photoassimilate production, improving plant growth during a drought. 2