How to display both icon and title of action inside ActionBar?

You can add button in toolbar

<android.support.v7.widget.Toolbar
        android:id="@+id/toolbar"
        android:layout_width="match_parent"
        android:layout_height="?attr/actionBarSize"
        app:popupTheme="@style/AppTheme.PopupOverlay"
        app:title="title">

        <Button
            android:id="@+id/button"
            android:layout_width="wrap_content"
            android:layout_height="wrap_content"
            android:layout_gravity="right"
            android:layout_marginRight="16dp"
            android:background="@color/transparent"
            android:drawableRight="@drawable/ic_your_icon"
            android:drawableTint="@drawable/btn_selector"
            android:text="@string/sort_by_credit"
            android:textColor="@drawable/btn_selector"
            />

    </android.support.v7.widget.Toolbar>

create file btn_selector.xml in drawable

<?xml version="1.0" encoding="utf-8" ?>

<selector xmlns:android="http://schemas.android.com/apk/res/android">

<item
    android:state_selected="true"
    android:color="@color/white"
    />
<item
    android:color="@color/white_30_opacity"
    />

java:

private boolean isSelect = false;

OnClickListener for button:

private void myClick() {
    if (!isSelect) {
       //**your code**//
        isSelect = true;
    } else {//**your code**//
        isSelect = false;
    }
    sort.setSelected(isSelect);
}

Try adding a TextView to the menubar first and using setCompoundDrawables() to place the image on whichever side you want. Bond click activity to the textview in the end.

MenuItem item = menu.add(Menu.NONE, R.id.menu_item_save, 10, R.string.save);
item.setShowAsAction(MenuItem.SHOW_AS_ACTION_ALWAYS|MenuItem.SHOW_AS_ACTION_WITH_TEXT);
TextView textBtn = getTextButton(btn_title, btn_image);
item.setActionView(textBtn);
textBtn.setOnClickListener(new View.OnClickListener() {
    @Override
    public void onClick(View v) {
           // your selector here   }
    });

You can literally customize everything here:

public TextView getTextButton (String btn_title, Drawable btn_image) {
    TextView textBtn = new TextView(this);
    textBtn.setText(btn_title);
    textBtn.setTextColor(Color.WHITE);
    textBtn.setTextSize(18);
    textBtn.setTypeface(Typeface.create("sans-serif-light", Typeface.BOLD));
    textBtn.setGravity(Gravity.CENTER_VERTICAL | Gravity.CENTER_HORIZONTAL);
    Drawable img = btn_image;
    img.setBounds(0, 0, 30, 30);
    textBtn.setCompoundDrawables(null, null, img, null); 
    // left,top,right,bottom. In this case icon is right to the text

    return textBtn;
}