Drought and salinity are the two most common and frequently co-occurring abiotic stresses limiting plant productivity worldwide, yet it remains unclear whether bamboo species possess effective mechanisms to protect against oxidative damage caused by drought and salinity, either alone or in combination. In this study, we utilised Fargesia rufa Yi, a species important to forest carbon sequestration and endangered giant pandas, to evaluate physiological, biochemical and ultrastructural responses to drought, salinity and their combination. Under drought alone, F. rufa exhibited reduced water loss from leaves, photochemistry inhibition, pigment degradation, reactive oxygen species accumulation, lipid peroxidation, and damage to organelles compared with salinity and combined stress treatments. The superior performance under drought alone was attributed to greater thermal dissipation and the water-water cycle capacities, increased SOD/AsA-GSH cycle enzymes activities, and a favourable redox balance of antioxidants. Therefore, relative to salinity alone and drought + salinity, F. rufa plants under drought exhibit highly efficient mechanisms to protect against oxidative damage, which most likely allow accelerated recovery of photosynthetic plasticity once the stress is removed.