Oil tea (Camellia oleifera) is an important edible oil tree. However, its growth and yield are strongly limited by drought. This study investigated the physiological and metabolic responses of two common oil tea cultivars, Huajin and Changlin53, to moderate and severe drought stress. Based on the photosynthetic and physiological indices, ‘Changlin53’ may be more tolerant to drought than ‘Huajin’. A total of 41 key metabolites induced by drought stress, including 12 amino acids, 12 organic acids, 10 carbohydrates, 3 fatty acids, and 4 phenols, have been identified by liquid chromatography-mass spectrometry. Under moderate drought stress, the contents of carbohydrates, amino acids, and some organic acids in ‘Changlin53’ were significantly increased; however, under severe drought stress, the contents of soluble sugars were decreased and the synthesis ability of amino acids and organic acids were enhanced. The glutamic acid–mediated proline biosynthesis pathway and salicylic acid synthesis were continuously upregulated in ‘Changlin53’ under moderate and severe drought stress, which could regulate osmotic pressure and maintain intracellular environmental stability. Under moderate drought stress, the contents of monosaccharides, amino acids, and organic acids increased in ‘Huajin’ leaves. Furthermore, the shikimic acid–mediated secondary metabolite synthesis pathway was weakened. More secondary metabolites were used to increase glycolysis and tricarboxylic acid cycle to accelerate energy production and to enhance the glutamic acid–mediated proline biosynthesis pathway, which are necessary to increase osmotic regulation. Under severe drought stress, the contents of carbohydrates, organic acids, and some amino acids were significantly decreased in ‘Huajin’ leaves, indicating serious damage. These results deepened our understanding of the mechanisms involved in oil tea drought tolerance, which will help improve water management of oil tea seedlings.