Water scarcity is a significant constraint on agricultural practices, particularly in Colombia, where numerous palm cultivators rely on rainfed systems for their plantations. Identifying drought-tolerant cultivars becomes pivotal to mitigating the detrimental impacts of water stress on growth and productivity. This study scrutinizes the variability in drought responses of growth, physiological, and biochemical variables integral to selecting drought-tolerant oil palm cultivars in the nursery. A comprehensive dataset was compiled by subjecting seedlings of eleven cultivars to four soil water potentials (−0.05 MPa, −0.5 MPa, −1 MPa, and −2 MPa) over 60 days. This dataset encompasses growth attributes, photosynthetic parameters like maximum quantum yield and electron transfer rate, gas exchange (photosynthesis, transpiration, and water use efficiency), levels of osmolytes (proline and sugars), abscisic acid (ABA) content, as well as antioxidant-related enzymes, including peroxidase, catalase, ascorbate peroxidase, glutathione reductase, and superoxide dismutase. Principal Component Analysis (PCA) elucidated two principal components that account for approximately 65% of the cumulative variance. Noteworthy enzyme activity was detected for glutathione reductase and ascorbate peroxidase. When juxtaposed with the other evaluated cultivars, one of the cultivars (IRHO 7001) exhibited the most robust response to water deficit. The six characteristics evaluated (photosynthesis, predawn water potential, proline, transpiration, catalase activity, sugars) were determined to be the most discriminant when selecting palm oil cultivars with tolerance to water deficit.