Cowpea (Vigna unguiculata (L.) Walp.) is a leguminous species widely cultivated in northern and northeastern Brazil. In the state of Pará, this crop still has low productivity due to several factors, such as low soil fertility and climatic adversity, especially the water deficiency. Therefore, the present study aimed at evaluating the physiological parameters and the productivity of cowpea plants under different water depths. The experiment was conducted in Castanhal/Pará between 2015 and 2016. A randomized block design was applied with six replications and four treatments, represented by the replacement of 100%, 50%, 25% and 0% of the water lost during crop evapotranspiration (ETc), starting from the reproductive stage. The rates of net photosynthesis (A), stomatal conductance (gs), leaf transpiration (Eleaf), substomatal CO2 concentration (Ci), leaf temperature (Tleaf) and leaf water potential (Ψw) were determined in four measurements at the R5, R7, R8 and R9 phenological stages. Cowpea was sensitive to the water availability in the soil, showing a significant difference between treatments for physiological variables and productivity. Upon reaching a Ψw equal to −0.88 MPa, the studied variables showed important changes, which allows establishing this value as a threshold for the crop regarding water stress under such experimental conditions. The different water levels in the soil directly influenced productivity for both years, indicating that the proper water supply leads to better crop growth and development, increasing productivity.