Genotypic variations of alfalfa (Medicago sativa L.) to both phosphorus (P) deficiency and water deficiency are evident on the Loess Plateau of China. Here, we compare the adaptive mechanisms between an introduced cultivar (Arkaxiya) and a landrace (Longzhong) subjected to P- and water-limited conditions. The two genotypes were grown in a soil medium with 0, 4.2, 8.4 and 16.8 μg applied P per gram dry soil. Three water treatments were imposed (maintained at 75–90%, 45–55% and 30–35% of pot capacity (PC)) 28 days after sowing (DAS). At high soil P and high soil water content (SWC), high rates of net photosynthesis (Pn) contributed to greater plant growth and P-use efficiency (PUE) in the introduced Arkaxiya compared to the landrace Longzhong. However, at low SWC, Longzhong had enhanced antioxidative defense (mainly SOD and CAT) compared to Arkaxiya. In addition, shorter shoot length and greater branching in Longzhong than Arkaxiya may also facilitate adaptation to low SWC. The contrasting adaptive mechanisms of the two genotypes provide a number of early-screening parameters associated with plant growth for the selection and introduction of alfalfa targeted at different rainfall and available P environments.