Background: Drought is one of the main environmental factors limiting plant growth and development. To explore the mitigation effects of exogenous strigolactones (SLs) on drought stress during the seedling stage, the Pennisetum Purpureum Schum. were used as the material. The effects of different concentrations (1, 3, 5, and 7 μmol·L−1) of SLs on the photosynthetic characteristics, growth performance, and endogenous abscisic acid (ABA) of P. Purpureum under drought stress were studied. Results: Exogenous SLs could effectively alleviate the inhibitory effect of drought stress on the growth of P. Purpureum. Compared with drought stress, the net photosynthetic rate, stomatal conductance, transpiration rate, and water use efficiency of the leaves of P. Purpureum after SL treatment were significantly increased, which has a significant mitigation effect on the decrease of photosystem II maximum photochemical efficiency and the performance index based on light absorption caused by drought. In addition, the exogenous application of SLs can effectively increase the fresh and dry weight of the leaves and roots and the length of the main roots. After applying SLs for 120 h, the ABA content of P. Purpureum decreased significantly. The activity of key enzymes of photosynthesis significantly increased after 48 h of external application of SLs to P. Purpureum. Conclusions: In summary, SL treatment can improve the photosynthetic performance of P. Purpureum leaves under drought conditions and increase the antioxidant capacity of the leaves, thereby reducing the adverse effects of drought, promoting the growth of P. Purpureum, and effectively improving the drought resistance of P. Purpureum.