Considering the uncertainty of rainfall and prolonged droughts in semiarid regions, optimizing water management through techniques like partial root-zone drying (PRD) is crucial for sustainable banana production. This study aimed to evaluate the ‘Prata-Anã Gorutuba’ banana under irrigation by PRD. The experimental design was randomized blocks with five irrigation strategies (PRD7 50%–50% ETc and 7-day frequency of alternation of the irrigated side—FA, PRD14 50%–50% ETc and 14-day FA, PRD21 50%–50% ETc and 21-day FA, FX 50%–50% ETc and fixed irrigation, and irrigation with 100% ETc on both sides of the plant—FULL) with five replicates. Soil water content, physiological, vegetative, yield characteristics, and water productivity were assessed over two production cycles. PRD on the dry side lowered soil water content below optimal levels for banana cultivation, increased transpiration, and decreased photosynthesis and instantaneous water use efficiency with rising temperatures, while photosynthesis increased with stomatal conductance. PRD reduced plant vigor and delayed flowering in the first cycle. Compared to full and fixed irrigation, PRD conserves water while maintaining crop yields. Water productivity was higher under PRD, with PRD14 (50% ETc and 14-day alternation) offering the best water use efficiency while maintaining yield, making it suitable for ‘Prata-Anã Gorutuba’ banana cultivation. The study recommends PRD for sustainable banana farming in regions with limited water resources, contributing to sustainable agricultural practices and better water management.