Extremely low-frequency magnetic fields are thought to be capable of modulating the resistance of plants to adverse factors, particularly drought. Magnetic fields in this frequency range occur in nature in connection with so-called Schumann resonances, excited by lightning discharges in the Earth-ionosphere cavity. The aim of this work was to identify the influence of a magnetic field with a frequency of 14.3 Hz (which corresponds to the second Schumann harmonic) on the transpiration and photosynthesis of wheat plants under the influence of drought. The activity of photosynthesis processes, the crop water stress index, relative water content and leaf area were determined during drought intensification. At the end of the experiment, on the 12th day of drought, the length, and fresh and dry weight of wheat shoots were measured. The results obtained indicate a protective effect of the magnetic field on plants in unfavorable drought conditions; the magnetic field delayed the development of harmful changes in the transpiration and photosynthesis processes for several days. At the same time, in the absence of the stressor (drought), the effect of the electromagnetic field was not detected, except for a decrease in relative transpiration. In favorable conditions, there were only minimal modifications of the photosynthetic processes and transpiration by the magnetic field.