The shortage of good quantity and quality of water for irrigated agriculture is a major problem in arid and semiarid regions. To deal with this problem, deficit irrigation (DI) or arbuscular mycorrhizal fungi (AMF) inoculation have been proposed and adopted for many crops as a tool to save water, or to improve crop tolerance to drought stress. An experiment was conducted for two consecutive years to evaluate the effect of mycorrhizal inoculation on the physiological, morphological, yield, and quality characteristics of melon plants grown under deficit irrigation. Melon crop (Cucumis melo L. cv. Helios) was grown under field conditions adopting a split-plot design with four replications, where DI was the main factor and AMF inoculation was the secondary factor. DI treatments consisted of applying 60%, 80%, or 100% of crop evapotranspiration (ETc) on melon plants inoculated or not with a commercial biostimulant containing 50% of Rhizophagus irregularis, and 50% of Funneliformis mosseae. Moderate and severe deficit irrigation significantly reduced the relative water content, stomatal conductance, yield, nitrogen applied efficiency (NAE), and fruit firmness of the uninoculated plants, but significantly increased irrigation water use efficiency (IWUE) and the ascorbic acid content of the fruit. AMF had a positive effect on plant tolerance to moderate water stress, and on some fruit quality parameters (fruit length, firmness, and sugar content). The combined use of moderate deficit irrigation (80%) and soil inoculation with AMF on melon plants allows water savings without affecting fruit yield, and increases IWUE, NAE, and some fruit quality characteristics (firmness, SSC, and SSC/TA). Furthermore, the use of AMF plants could be worth it to reduce the yield loss and increase fruit quality, even with severe deficit irrigation (60%).