Potassium application can effectively mitigate the effects of drought stress on plant growth, and few studies have reported its application to the medicinal plant Salvia miltiorrhiza (S. miltiorrhiza). Four experimental treatments were used, including a control (Z1K0), non-drought potassium application (Z1K3), drought treatments (Z2K0), and drought-stress potassium application (Z2K3). The findings revealed that, in contrast to Z2K0, Z2K3 promoted the absorption of potassium in S. miltiorrhiza, elicited the aggregation of osmoregulatory compounds such as soluble protein and proline, and mitigated membrane impairment as a defense against the deleterious consequences of drought stress. Additionally, we extended our investigation to encompass comprehensive metabolomics analysis of the roots. Interestingly, subsequent root metabolomics analyses demonstrated that the drought application of potassium not only significantly reduced the amino acid content, but also increased the amount of terpenoids and phenolic acids in the roots. Nonetheless, the application of a particular amount of K under moderate drought conditions promoted the growth and yield of S. miltiorrhiza, but proved to be detrimental to its active ingredients. Indeed, the findings of this study offer valuable insights and recommendations for the application of potassium to mitigate the impact of drought stress in S. miltiorrhiza and other medicinal plants.