The present study was conducted to assess the morphophysiological and biochemical responses during different developmental stages in mungbean varieties subjected to drought stress, and to screen the varieties for drought tolerance. A field experiment was performed according to a completely randomized design on 25 mungbean varieties with 3 replicates per variety. Stress treatment was applied at 3 levels: control (no stress), vegetative stage (25 days after sowing), and reproductive stage (35 days after sowing). According to combined analysis of variance, there were significant effects from drought stress on relative water content (RWC), membrane stability index (MSI), protein and proline content of leaves, leaf area, plant height, and yield traits. MSI, RWC, protein content, leaf area, plant height, and yield traits were decreased during drought stress, while proline content was increased under drought stress conditions. The results showed that the vegetative stage was more sensitive to drought stress, which was further supported by correlation analysis. Taken together, Vigna sublobata, MCV-1, PLM-32, LGG-407, LGG-450, TM-96-2, and Sattya varieties were identified as drought tolerant as they maintained the higher values of RWC, MSI, protein, proline content, leaf area, plant height, and yield traits. These varieties could be used in breeding programs for better physiological drought tolerance traits.