The use of growth regulators such as gibberellic acid (GA3) and biostimulants, including diluted bee honey (Db-H) can improve drought tolerance in many crops, including the faba bean (Vicia faba L.). Db-H contains high values of osmoprotectants, mineral nutrients, vitamins, and many antioxidants making it an effective growth regulator against environmental stress effects. Therefore, the present study was planned to investigate the potential improvement in the faba bean plant performance (growth and productivity) under full watering (100% of crop evapotranspiration (ETc)) and drought stress (60% of ETc) by foliar application of GA3 (20 mg L−1) or Db-H (20 g L−1). The ameliorative impacts of these growth regulators on growth, productivity, physio-biochemical attributes, nutrient status, antioxidant defense system, and phytohormones were evaluated. GA3 or Db-H attenuated the negative influences of drought stress on cell membrane stability, ion leakage, relative water content, nutrient status, leaf pigments related to photosynthesis (chlorophylls and carotenoids), and efficiency of the photosystem II (PSII in terms of Fv/Fm and performance index), thus improving faba bean growth, green pod yield, and water use efficiency. Drought stress caused an abnormal state of nutrients and photosynthetic machinery due to increased indicators of oxidative stress (malondialdehyde (MDA), hydrogen peroxide (H2O2) and superoxide (O2•−)), associated with increased osmoprotectants (proline, glycine betaine, soluble sugars, and soluble protein), non-enzymatic antioxidants (ascorbic acid, glutathione, and α-tocopherol), and enzymatic antioxidant activities (superoxide dismutase, catalase, glutathione reductase, and ascorbate peroxidase). However, foliar-applied GA3 or Db-H mediated further increases in osmoprotectants, antioxidant capacity, GA3, indole-3-acetic acid, and cytokinins, along with decreased levels of MDA and abscisic acid. These results suggest the use of GA3 or Db-H at the tested concentrations to mitigate drought-induced damage in bean plants to obtain satisfactory growth and productivity under a water deficit of up to 40%.