Worldwide drought stress is the most important restriction factor on food and fodder productivity. In this study, morpho-physiological adaptations to dehydration stress were investigated in two tall fescue (Festuca arundinacea Schreb.) genotypes (Fa13 and Fa19 with a high and low sheep grazing preference respectively) and Lolium perenne L. Drought stress as evaluated by decreasing stomatal conductance and chlorophyll content, chlorophyll fluorescence parameters and fructan concentration were first observed in L. perenne (16 days after the start of the drought stress). Furthermore, after 20 days of drought stress the activities of ascorbate peroxide (APX), catalase (CAT), and superoxide dismutase (SOD) were reduced in stressed plants indicating that the capacity to scavenge ROS diminished under severe stress though no differences between genotypes were observed. Osmotic adjustment by carbohydrates did also not differ between the genotypes. Proline, however, reached its highest level in drought-stressed L. perenne followed by Fa13 and Fa19 respectively. The studied species showed a similar degree in response in the traits assessed when plants were exposed to dehydration stress; however changes were first observed in L. perenne.