Drought is considered as the major environmental stress affecting coffee production, and high phosphorus (P) supply may alleviate the drought effects on crop metabolism. Here, we hypothesized that high P supply would mitigate the impacts of drought on Arabica coffee physiology, morphology, and biomass accumulation. Potted Arabica coffee plants were grown under two P levels: the recommended P fertilization (P), and twice the recommended fertilization (+P), and two water regimes: well-watered and water withholding for 32 days. Leaf, stem, and root P concentrations were increased under +P, with plants showing higher photosynthesis and growth than the ones receiving the recommended P dose. Higher plant growth under high P supply seems to upregulate leaf photosynthesis through the source–sink relationship. Under the water deficit, the reduction of leaf photosynthesis, stomatal conductance, transpiration, water use efficiency, carboxylation efficiency, chlorophyll content, number of plagiotropic branches, plant leaf area, and vegetative biomass production was similar comparing plants fertilized with the recommended P to those supplied with +P. However, Arabica coffee trees under high P supply and water deficit presented morphological and physiological traits similar to plants under well-watered and recommended P fertilization.