Tartary buckwheat (Fagopyrum tataricum (L.) Gaertn) is a crop of significant interest due to its nutritional value and resilience to drought conditions. However, drought, particularly following flowering, is a major factor contributing to yield reduction. This research employed two distinct Tartary buckwheat genotypes to investigate the effects of post-anthesis drought on growth and physicochemical characteristics. The study aimed to elucidate the response of Tartary buckwheat to drought stress. The findings indicated that post-anthesis drought adversely impacted the growth, morphology, and biomass accumulation of Tartary buckwheat. Drought stress enhanced the maximum photosynthetic capacity (Fv/Fm) and light protection ability (NPQ) of the ‘Xiqiao-2’ genotype. In response to drought stress, ‘Dingku-1’ and ‘Xiqiao-2’ maintained osmotic balance by accumulating soluble sugars and proline, respectively. Notably, ‘Xiqiao-2’ exhibited elevated levels of flavonoids and polyphenols in its leaves, which helped mitigate oxidative damage caused by drought. Furthermore, rewatering after a brief drought period significantly improved plant height, stem diameter, and biomass accumulation in ‘Dingku-1’. Overall, ‘Xiqiao-2’ demonstrated greater long-term tolerance to post-anthesis drought, while ‘Dingku-1’ was less adversely affected by short-term post-anthesis drought.