Save/Update Data into multiple tables using ASP.NET MVC 4

First of all your models should look like this:

public class Student
{
    [Key]
    [DatabaseGenerated(DatabaseGeneratedOption.Identity)]
    public int StudentID { get; set; }

    public string Speciality { get; set; }

    public DateTime DateOfJoinig { get; set; }

    public string Qualification { get; set; }

    public string Email { get; set; }
}

public class StudentAddress
{
    [Key]
    [DatabaseGenerated(DatabaseGeneratedOption.Identity)]
    public int StudentAddressID { get; set; }

    [Required]
    [ForeignKey("Student")]
    public int StudentID { get; set; }

    public virtual Student Student { get; set; }

    public string Address { get; set; }

    public string Area { get; set; }

    public string City { get; set; }

    public string State { get; set; }

    public string Pincode { get; set; }

    public string Phone { get; set; }

    public string Mobile { get; set; }
}

public class StudentPhoto
{
    [Key]
    [DatabaseGenerated(DatabaseGeneratedOption.Identity)]
    public int StudentPhotoID { get; set; }

    [Required]
    [ForeignKey("Student")]
    public int StudentID { get; set; }

    public virtual Student Student { get; set; }

    public string Photo { get; set; }
}

As Qazi mentioned you should have navigation properties. Then on client side you should have hidden fields for your ID properties for editing purpose:

@Html.HiddenFor(s => s.StudentID)

After that your controller method will look like this:

    [HttpPost]
    public ActionResult Create(StudentViewModel studentViewModel)
    {
        if (!ModelState.IsValid)
        {
            return View(studentViewModel);
        }

        studentViewModel.StudentAddress.Student = studentViewModel.Student;
        studentViewModel.StudentPhoto.Student = studentViewModel.Student;
        if (studentViewModel.Student.StudentID > 0)
            db.Students.Attach(studentViewModel.Student);
        else
            db.Students.Add(studentViewModel.Student);
        db.SaveChanges();
        return RedirectToAction("Home");
    }

You don't need to assign ID properties, but you do need to assign navigation properties.

not tested but this may help

[HttpPost]
public ActionResult Create(StudentViewModel studentViewModel)
{
    if (!ModelState.IsValid) // added ! so that you can do something if it is valid other than redisplay the Create View with the model 
    {
        return View(studentViewModel);
    }

        Student s = new Student()
         {
             Name =studentViewModel.Student.Name,
             Speciality = studentViewModel.Student.Speciality,
             DateOfJoinig = studentViewModel.Student.DateOfJoinig,
             Qualification = studentViewModel.Student.Qualification,
             Email = studentViewModel.Student.Email

         };

         db.Students.Add(s);
         db.SaveChanges(); // Post the changes with the student and save changes so you have the correct studentId PrimaryKey value from the database. Note: EF should update your object with the correct Id on SaveChanges() 

        StudentAddress sa = new StudentAddress()
        {
            StudentId= studentViewModel.Student.StudentId,
            Address = studentViewModel.StudentAddress.Address,
            Area = studentViewModell.StudentAddress.Area,
            City = studentViewModel.StudentAddress.City,
            State = studentViewModel.StudentAddress.State,
            Pincode = studentViewModel.StudentAddress.Pincode,
            Phone = studentViewModel.StudentAddress.Phone,
            Mobile = studentViewModel.StudentAddress.Mobile

        };

        StudentPhoto sp = new StudentPhoto()
        {
            StudentId= studentViewModel.Student.StudentId,
            Photo = studentViewModel.StudentPhoto.Photo

        };    
        // don't add it again!  db.Students.Add(s);
        db.StudentAddress.Add(sa);
        db.StudentPhoto.Add(sp);

        db.SaveChanges();
        return RedirectToAction("Home");
}

While using a relational database, it is my understanding the studentaddress will be child of Student as shown in code by StudentId foreign key in both StudentAddress and StudentPhoto table. If you add navigation properties to Student and assign address and photo to these properties Entity framework will save them. Something like

Student s = new Student {...}
s.StudentAddress = new StudentAddress {...}
s.StudentPhoto = new StudentPhoto {...}

db.Students.Add (s);
db.SaveChanges();