Melatonin (MT) controls various physiological functions and enhances plant drought tolerance in response to environmental stressors, including water deficit. This study aimed to evaluate the effect of exogenous MT on the morphophysiological attributes of Ranunculus asiaticus under normal and drought conditions. R. asiaticus seedlings were divided into drought-stress and control groups and subjected to foliar application of MT at various concentrations (0, 50, 100, and 200 μM) four times during the study. The drought-stress group exhibited considerably decreased shoot length, leaf number, leaf area, fresh and dry vegetative weights, total chlorophyll and carotenoid contents, and relative water content; delayed emergence of flower stalks; and increased relative electrolyte leakage compared with well-watered plants. Conversely, foliar application of MT notably increased growth parameters compared with their no-treatment counterparts. Foliar treatment with 200 µM MT resulted in the most significant growth response in R. asiaticus under normal or drought-stress conditions. Moreover, compared with no treatment, exogenously applied MT induced the appearance of flower buds and increased relative water and proline contents as well as peroxidase activity while reducing electrolyte leakage. Regarding tolerance index percentages, higher peroxidase and proline contents indicated their suitability for use as markers for drought tolerance, supporting the effective role of exogenous MT in enhancing the adaptability of Ranunculus to drought stress.