Drought and predicted changes in climate, such as increased atmospheric CO2 concentration and high temperature, may affect the growth and productivity of crop plants and generate varying responses, including morphological, physiological, biochemical and molecular changes. Water deficit negatively affects photosynthesis, while increasing CO2 can benefit plants and attenuate photo-oxidative damage, especially in C3 metabolism species. However, the excess heat associated with this increase can affect photosynthetic efficiency differently, depending on the species and/or variety studied. In addition, the responses to the combination of these factors are poorly understood and cannot be extracted directly from the effects of each of these agents applied in isolation. This review sought to address the isolated and combined effects of water deficit and climate change on agricultural production, reporting how plant metabolism is affected by rising temperatures and high CO2 concentration. This understanding is important to monitor the behavior of plants in the face of future climatic scenarios in order to develop strategies that can confer resistance to plants and ensure food security for agricultural production.