Among traditional Iranian herbs, Perovskia species (a subgenus of Salvia), while being valued ornamentals, are also studied for numerous potential pharmacological and therapeutic aspects. The current study was conducted to assess the effectiveness of two species of arbuscular mycorrhizal fungi (AMF), Funneliformis mosseae and Rhizophagus intraradices, separately and in combination, in terms of the essential oil content and compositions along with the enzymatic and non-enzymatic antioxidants in Salvia abrotanoides and S. yangii in response to three levels of irrigation, including 100% FC as well-watered, 75% FC (moderate irrigation deficit), and 50% FC (severe irrigation deficit). In both species, essential oil content, enzyme antioxidant activities, total phenolics, and flavonoids were increased significantly with the severity of stress; this increase was more pronounced in mycorrhizal inoculated herbs. Furthermore, leaf phosphorus concentration, relative water content, chlorophylls a and b, and total carotenoids decreased in parallel with reducing soil moisture; albeit, AMF inoculation improved the stress symptoms under increasing severity of water restriction compared with their control conditions. In addition, the percentage of root colonization was positively correlated with the relative water content (RWC) and leaf phosphorus concentration. Taking into account the essential oil groups, AMF colonization elevated some essential oil components, such as oxygenated monoterpenes, 1,8-cineol, camphor, and borneol, whereas the main sesquiterpenes, including E-β-caryophyllene and α-humulene, remarkably decreased. Taken together, these findings highlighted the role of symbiosis with AMFs in increasing the tolerance of water deficit stress in S. abrotanoides and S. yangii and improving their essential oil composition.