Drought stress (DS) is amongst one of the abiotic factors affecting plant growth by limiting productivity of crops by inhibiting photosynthesis. Damage due to DS and its protection by Arbuscular Mycorrhizal fungi (AMF) was studied on photosynthetic apparatus of wheat (Triticum aestivum) plants in pot experiments. DS was maintained by limiting irrigation to the drought stressed (DS) and AMF + DS plants. Relative Water content (RWC) was measured for leaf as well as soil to ensure drought conditions. DS plants had minimum RWC for both leaf and soil. AMF plants showed increased RWC both for leaf and soil indicating that AMF hyphae penetrated deep into the soil and provided moisture to the plants. In Chl a fluorescence induction curve (OJIP), a declined J-I and I-P phase was observed in DS plants. Efficacy of primary photochemistry declined in DS plants as result of DS, while AMF plants showed maximum photochemistry. DS leads to declined quantum efficiency of PSI and PSII in DS plants while it was restored in AMF + DS plants. Electron transport (ETRI and ETRII) decreased while quantum yield of non-photochemical quenching Y(NPQ) increased as a result of drought stress. CEF around PSI increased in DS-stressed plants. Efficient PSI complexes decreased in DS plants while in case of AMF plants PSI complexes were able to perform PSI photochemistry significantly. Thus, it is concluded that drought stress-induced damage to the structure and function of PSII and PSI was alleviated by AMF colonization.