Mango (Mangifera indica L.) is broadly grown in tropical regions and can also be cultivated in irrigated subtropical semi-arid areas; however, water shortages are a serious problem in the latter region. Among biotic and abiotic factors, water supply is one of the most crucial elements that determine productivity. The allocation of water will be an ever-increasing source of pressure because of vast agricultural demands under changing climatic conditions. Although the mango is considered to be tolerant to drought, water stress during growing cycle can reduce productivity. Here, we review the recent progress in evaluating and augmenting mango water productivity. Developments in physiological and agronomic understanding that have led to a boost in water productivity are presented. In addition, this review deals with deficit irrigation strategies to elucidate the effects on mango yield, water use efficiency, and the response of physiological indicators to water stress. Our main findings were as follows: (1) Under a changing climate, traditional irrigation based on water balance will not be sustainable in the medium/long term; (2) deficit irrigation strategies applied to mango can save irrigation water by up to 40% and improve water use efficiency by up to 30%; and (3) there is valuable potential for further improvement owing to advanced knowledge in terms of the physiological response of mango to water stress, and there are good prospects within the current approaches if they are associated with specific environmental physiology. We concluded that under current medium-/long-term perspectives regarding available water resources, particularly in arid and semi-arid regions, there is an urgent demand for adaptive and water-saving strategies. Thus, it will be vital to redesign irrigation schemes in areas where water is scarce to adjust deficit irrigation strategies not only to save water, enhance water use efficiency, and maintain yield, but also to produce fruits with improved quality.