Climate change-driven water resource constraints cause tomatoes to suffer from drought. The use of biostimulants has emerged as an important approach to enhancing resilience to drought. However, the roles of biostimulants in the physicochemical characteristics of tomatoes in response to drought are poorly understood. In this study, we evaluated the ability of arbuscular mycorrhizal fungi (AMF) and compost (versus NPK application) to improve the agro-physiology, yield, and fruit quality of tomato plants and their tolerance to drought by comparing them with conventional chemical fertilizers (NPK). Under drought conditions, plant growth traits associated with yield and fruit bioactive compounds (carotenoids: 73%; lycopene: 53%; polyphenols: 310%; and flavonoids: 158%) were increased in the AMF-tomato treatment. Compost significantly enhanced sugars (ca. 60%) and protein contents (ca. 20%). Moreover, AMF protected the photosynthetic apparatus from drought-induced oxidative stress, improved photosynthetic efficiency, leaf water potential, and osmolytes, and reduced malondialdehyde (MDA) and hydrogen peroxide (H2O2) accumulation by increasing peroxidase (POX) (140%) and polyphenol oxidase (PPO) (340%) activities compared to their controls. Our findings revealed that NPK is an important nutrient-based fertilizer for plant growth and development. However, its efficiency as a fertilizer is quite low. In addition, we highlighted different mechanisms mediated by AMF and compost, inducing drought tolerance in tomato plants.