Lentil plays an important role for food and nutritional security. It is a sustainable source of protein, zinc, iron, prebiotic carbohydrates, and diverse health-promoting nutrients. This crop is widely cultivated in semi-arid marginal areas and exposed to various environmental stressors. Drought stress is the major abiotic stress that causes serious effects on lentil growth and development. Thus, it is imperative to set up innovative and sustainable solutions to reduce the adverse effects of drought on lentil crop. In this review, the agro-morphological, physiological, and biochemical effects of drought on lentil were highlighted. Furthermore, breeding and agronomic interventions to improve lentil performance in drought-prone environments were also discussed. Overall, drought disturbs lentil germination, photosynthesis, water relations, shoot and root growth, thereby reducing final yield. Conventional breeding programs have identified several sources of drought tolerance; however, modern biotechnological tools could be adopted to decipher the genetic architecture of drought tolerance in lentil to accelerate the genetic progress. Cost-affordable and eco-friendly agronomic practices may also contribute to minimize the negative consequences of drought stress. Smart exploitation of breeding approaches and agronomic practices could help overcome drought, improve lentil productivity, and increase the profitability of farmers in dry areas.