Drought is one of the most important factors that influences plant morphology, biochemistry, and physiology, and finally leads to the decline in crops productivity and seed quality. Climate change, severe changes in water availability together with thermal stresses environment coincide with increasing human population, and to reveal sustainable solutions it is necessary to understand: i) how cereals react to drought, ii) how the tolerance mechanisms are exhibited by the genotype, and iii) which approaches enable to increase the tolerance of crop species against limited water availability. Especially in cereals as in high-quality food sources, it is important to reveal the adaptation mechanisms to rainfall dynamics on arable land and to the prolonged period of drought. This review summarizes current knowledge on the impact of drought on cereals, the mechanisms these crops utilize to cope water scarcity and survive, and the most efficient approaches to improve their drought tolerance.