Soil drought and rehydration have an immense impact on plant physiology and productivity, whereas the response of plant–microbe interactions to varied water availability remains largely elusive. In this study, two tea (Camellia sinensis L.) cultivars, Longjing43 and Yingshuang, were subjected to drought followed by rehydration. Soil drought significantly induced the elongation of taproots in the Yingshuang cultivar after two weeks of drought. Moreover, the four-week drought significantly reduced the root dry mass and root nitrogen, phosphorus, and potassium concentrations in both tea cultivars. Two-week rehydration recovered the root potassium concentration in the two tea cultivars, revealing the rapid response of root potassium levels to water conditions. Drought and rehydration also resulted in shifts in rhizosphere microbial diversity. A four-week drought reduced microbial alpha diversity in Longjing43 but not in the Yingshuang cultivar, and rehydration was effective in restoring alpha diversity in Longjing43. The rhizosphere microbial community tended to recover to the initial stages after rehydration in Longjing43 but not in the other cultivar. In addition, 18 microbial genera were identified as the featured microbial taxa in response to varied water availability, and a rare genus Ignavibacterium was significantly increased in the Longjing43 cultivar by rehydration after a four-week drought. Furthermore, root nitrogen, phosphorus, potassium levels, and dry mass were positively correlated with the microbial alpha diversity, while the taproot length was negatively correlated, suggesting the crucial role of plant–microbe interactions in response to drought and rehydration. Moreover, the root phosphorus concentration and taproot length also had significant effects on microbial beta diversity, further confirming their effects on the community structure of the rhizosphere microbiome. Overall, this study provides insights into the effects of drought on plant–microbe interactions in the rhizosphere of tea plants. These findings are important for harnessing the roles of the tea rhizosphere microbiome under drought.