Drought is the major abiotic stress that limits growth, development and yield of crops worldwide. In this scenario, mineral nutrients, such as boron (B), have been promising for increasing the tolerance of plants to abiotic stresses because of their physiological roles in plants. We aimed to evaluate the benefits of foliar supplementation of B in either relieving or reducing the physiological damages caused by water stress in soybean (Glycine max L.). A greenhouse trial was carried out in a 2 × 3 factorial scheme, with two water conditions (well‐watered and drought stress) and three doses of B (0, 150 and 300 mg B L−1). Foliar application of B was before inducing the water stress, which remained for 20 days during vegetative stage. Plants were evaluated at three moments, according to the water conditions: maximum stress, rehydration and just before harvesting. The levels of hydrogen peroxide and lipid peroxidation increased in soybean leaves and roots under water stress, resulting in impaired plant growth. However, the foliar supplementation with B before the stress increased activities of the antioxidant enzymes and reduced the levels of stress markers. Furthermore, B applied foliar increased the nutrient concentration in the leaves of plants and stimulated root growth, which resulted in higher harvest index related to yield. The foliar application of B has shown as an alternative management to mitigate the damages caused by drought stress in soybean.