Turmeric (Curcuma longa L.; Zingiberaceae), an economically important crop and a major spice in Indian cuisine, produces natural yellow color (curcumin) as well as curcuminoids which are widely utilized in traditional and modern medicinal practices. During the turmeric culture, the fluctuations of precipitation and seasonal changes in the whole life cycle play a major role, especially water shortage and decreasing temperature (in winter season), leading to rhizome dormancy under extreme weather conditions. The objective of this investigation was to understand how the water deficit and reduced temperature affect turmeric growth, physiological adaptation, quantity, and quality of turmeric rhizomes. Four-month-old turmeric plants were subjected to four treatments, namely normal temperature and well-watered (RT-WW), or water-deficit (RT-WD) conditions in the greenhouse, 25 °C controlled temperature and well-watered (CT-WW), or water-deficit (CT-WD) conditions in glasshouse. Leaf osmotic potential considerably declined in 30 days CT-WD treatment, leading to chlorophyll degradation by 26.04%, diminution of maximum quantum yield of PSII (Fv/Fm) by 23.50%, photon yield of PSII (ΦPSII) by 29.01%, and reduction of net photosynthetic rate (Pn) by 89.39% over CT-WW (control). After 30 days water withholding, fresh- and dry-weights of rhizomes of turmeric plants grown under CT-WD declined by 30-50% when compared with RT-WW conditions. Subsequently, curcuminoid content was reduced by 40% over RT-WW plants (control), whereas transcriptional expression levels of curcuminoids-related genes (CURS1, CURS2, CURS3, and DCS) were upregulated in CT-WD conditions. In summary, the water withholding and controlled temperature (constant at 25 °C day/night) negatively affected turmeric plants as abiotic stresses tend to limit overall plant growth performances and curcuminoid yield.