Salinity adversely affects plant growth, photosynthesis, and availability of nutrients including iron. Rice (Oryza sativa L.) is susceptible to soil salinity and highly prone to iron (Fe) deficiency due to lower release of Fe‐chelating compounds under saline conditions. In order to investigate the effects of salinity and low iron supply on growth, photosynthesis, and ionic composition of five rice genotypes (KS‐282, Basmati Pak, Shaheen Basmati, KSK‐434 and 99417), a solution culture experiment was conducted with four treatments (control, 50 mM NaCl, Fe‐deficient, and 50 mM NaCl + Fe‐deficient). Salinity and Fe deficiency reduced shoot and root growth, photosynthetic and transpiration rates, chlorophyll concentration, and stomatal conductance. The reduction in all these parameters was more in the interactive treatment of salinity and low Fe supply. Moreover, a significant increase in shoot and root Na+ with corresponding decrease in K+ and Fe concentrations was also observed in the combined salinity and Fe‐deficiency treatment. Among the tested genotypes, Basmati Pak was the most sensitive genotype both under salt stress and Fe deficiency. The genotype KS‐282 performed better than other genotypes under salinity stress alone, whereas Shaheen Basmati was the best genotype under Fe deficiency in terms of all the studied parameters.