During drought, a major abiotic stressor for European forests, excessive reactive oxygen species (ROS) are produced, causing oxidative damage that affects structural and metabolic tree functions. This research examines the effects of drought, phosphorus (P) fertilization, and provenance on photosynthetic pigments, malondialdehyde (MDA) concentrations, and antioxidant enzyme activities in common beech (Fagus sylvatica L.) and sessile oak (Quercus petraea (Matt.) Liebl.) saplings from two provenances. In a common garden experiment, four treatments were applied: regular watering with (+PW) and without P fertilization (−PW), and drought with (+PD) and without (−PD) P fertilization. Results showed that drought increased both MDA concentrations and antioxidant enzyme activity, particularly superoxide dismutase (SOD), catalase (CAT), peroxidase (POD), and ascorbate peroxidase (APX), which are responsible for ROS scavenging. Additionally, chlorophyll a + b concentrations were lower in drought-exposed plants. Phosphorus fertilization minimally affected MDA levels but enhanced antioxidant responses, particularly APX and CAT activities in oak during drought. Provenance differences were notable, with oak and beech from the drier provenance showing better adaptation, reflected in lower MDA levels and higher enzyme activities. This study underscores the importance of antioxidant defenses in coping with drought stress, with phosphorus fertilization and provenance shaping the species’ adaptive capacity.