To understand the physiological basis of tolerance to combined stresses to low phosphorus (P) and drought in mungbean (Vigna radiata (L.) R. Wilczek), a core set of 100 accessions were evaluated in hydroponics at sufficient (250 μM) and low (3 μM) P, and exposed to drought (dehydration) stress. The principal component analysis and ranking of accessions based on relative values revealed that IC280489, EC397142, IC76415, IC333090, IC507340 and IC121316 performed superior while IC119005, IC73401, IC488526 and IC325853 performed poorly in all treatments. Selected accessions were evaluated in soil under control (sufficient P, irrigated), low P (without P, irrigated), drought (sufficient P, withholding irrigation) and combined stress (low P, withholding irrigation). Under combined stress, a significant reduction in gas exchange traits (photosynthesis, stomatal conductance, transpiration, instantaneous water use efficiency), P uptake in seed and shoot was observed under combined stress as compared to individual stresses. Among accessions, IC488526 was most sensitive while IC333090 and IC507340 exhibited tolerance to individual or combined stress. The water balance and low P adaptation traits like membrane stability index, relative water content, specific leaf weight, organic acid exudation, biomass, grain yield and P uptake can be used as physiological markers to evaluate for agronomic performance. Accessions with considerable resilience to low P and drought stress can be either used as ‘donors’ in Vigna breeding program or cultivated in areas with limited P and water availability or both.