Drought stress and poor zinc (Zn) are major constraints for commercial agriculture. Their detrimental effects significantly decrease crop’s growth and yield. Less water uptake disturbs the metabolic processes in plants. However, the deficiency of Zn leads to the inactivation of many enzymes. It is well documented that cereal crops, especially wheat, are susceptible to drought and Zn deficiency. Scientists suggest the supplementation of Zn along bio-fertilizers for the sustainable management of these issues. That is why the current experiment was conducted to explore the best combination of Zn and bio-fertilizer for wheat. There were two different recommended concentrations of Zn sulfate (Zinc level 1 (Zn1) = 20 and Zinc level 2 (Zn2) = 40 kg ha−1) applied under normal irrigation (75% field capacity = FC) and severe drought stress (40% FC). Sole and combined inoculation of arbuscular mycorrhizal fungi (AM) with Zn1 and Zn2 was also performed. Osmotic stress (40% FC) significantly decreased the examined growth parameters. It also significantly enhanced antioxidant and oxidative indicators in wheat. A significant increase in root fresh weight, root dry weight, and shoot length while a significant decrease in EL, SOD, POD over the control validated the efficacious role of Zn2 + AM. It is concluded that Zn2 + AM can improve wheat root fresh weight and root length wheat under 40% FC. Under different climatic zones, wheat varieties, and soil types, more investigations are recommended to declare Zn2 + AM as the best amendment for improving wheat growth attributes under osmotic stress.