Drought significantly constrains common bean (Phaseolus vulgaris L.) production worldwide, and as climate change intensifies, projections indicate a subsequent reduction in yield. This study aimed to identify drought-resilient genotypes among twenty common bean lines in Chile under two water regimes: regular irrigation and terminal drought stress. The research was conducted over two seasons in south-central Chile. Drought significantly reduced grain yield (22.7%), aboveground biomass (37%), harvest index (19.5%), the number of grains per pod (61.3%), and hundred-grain weight (10.1%). Genotypes 452, 473, and 483 exhibited minimal yield reductions (<11%) and maintained stable physiological performance, including higher quantum yield of photosystem II and efficient photoprotective mechanisms (increased ΦNPQ) under stress. In contrast, sensitive genotypes like Blanco Español showed marked yield loss (54%) and lower photosynthetic efficiency. Chlorophyll retention emerged as a key trait for identifying high-yielding, drought-tolerant genotypes. Drought also accelerated crop maturation in susceptible genotypes, compromising yield potential. These findings highlight the importance of integrating agronomic, phenological, and physiological traits in breeding programs to develop drought-adapted varieties. The tolerant genotypes offer valuable genetic traits to improve drought resilience and contribute to food security in the face of climate change.