It has been shown that jasmonic acid (JA) can alleviate drought stress. Nevertheless, there are still many questions regarding the JA-induced physiological and biochemical mechanisms that underlie the adaptation of plants to drought stress. Hence, the aim of this study was to investigate whether JA application was beneficial for the antioxidant activity, plant performance, and growth of Grewia asiatica L. Therefore, a study was conducted on G. asiatica plants aged six months, exposing them to 100% and 60% of their field capacity. A JA application was only made when the plants were experiencing moderate drought stress (average stem water potential of 1.0 MPa, considered moderate drought stress), and physiological and biochemical measures were monitored throughout the 14-day period. In contrast to untreated plants, the JA-treated plants displayed an improvement in plant growth by 15.5% and increased CO2 assimilation (AN) by 43.9% as well as stomatal conductance (GS) by 42.7% on day 3. The ascorbate peroxidase (APX), glutathione peroxidase (GPX), and superoxide dismutase (SOD) activities of drought-stressed JA-treated plants increased by 87%, 78%, and 60%, respectively, on day 3. In addition, G. asiatica plants stressed by drought accumulated 34% more phenolics and 63% more antioxidants when exposed to JA. This study aimed to understand the mechanism by which G. asiatica survives in drought conditions by utilizing the JA system.