In the current study, we investigated the impact of inoculation with a selected indigenous arbuscular mycorrhizal fungi (AMF) complex on the growth and physiology of carob plants at increasing levels of watering (25, 50, 75 and 100% field capacity). The following growth and stress parameters were monitored in carob seedlings after 6 months of growth and 2 months of applied drought stress: fresh and dry weight, root and shoot lengths, leaf surface area, relative water content, stomatal conductance and membrane stability. Chlorophyll a and b, total soluble sugars, proline and protein contents were also determined along with the activities of stress enzymes: Catalase, Peroxidase and Superoxide dismutase. The obtained results indicate that inoculation with the indigenous AMF complex has a positive impact on the plant’s growth as all the assessed parameters were significantly improved in the mycorrhizal plants. Additionally, our results show that mycorrhization contributes to the minimization of the impact of drought stress on the carob plants and allows a better adaptation to dry conditions.