(1) Background: This study investigates the effects of potassium (K) and rootstock on the growth, photosynthetic activity, and mineral nutrition of lemon trees; (2) Methods: Lemon trees (cv. Adamopoulou) grafted onto sour orange (Citrus aurantium) (SO) or Volkamer lemon (Citrus volkameriana) (VL) rootstock were cultivated hydroponically under 0.00, 0.75, 1.50, 3.00, and 6.00 mM K. Plant growth and nutrition parameters, as well as leaf photosynthetic rate, stomatal conductance, transpiration rate, intracellular CO2, chlorophyll, and carotenoid concentration were assessed; (3) Results: Under K deficiency (0 mM K), plants exhibited chlorotic and necrotic symptoms, more pronounced in older leaves. Potassium deficiency adversely affected various physiological processes in lemon leaves, including a decrease in photosynthesis rate, stomatal conductance, transpiration rate, intercellular CO2 concentration, water use efficiency, CO2 utilization efficiency, chlorophyll a/b ratio, and carotenoid concentrations (some effects were rootstock-dependent). Low photosynthetic rates under K deficiency were due to both stomatal- and non-stomatal limitations. Elevated K in the nutrient solution consistently reduced the total plant uptake of P, Ca, Mg, B, Mn, and Zn, resulting in nutrient imbalances, as evidenced by the significant decrease in P, Ca, Mg, and Zn concentrations found in scion tissues (especially at the 6 mM K treatment). Rootstock-dependent responses were also observed in scion leaf and stem growth and in mineral nutrient concentrations, uptake, and distribution across plant parts; (4) Conclusions: Our study reveals interesting aspects on how to optimize K fertilization in lemon trees in the context of sustainable agriculture by considering nutrient interactions and rootstock-dependent effects. Understanding these complex interactions and improving K fertilization practices is expected to improve lemon tree performance, yield, and fruit quality.