This study was carried out to determine the response of peach tree (Prunus persica L. Batsch cv ‘Alexandra’) to water stress and variations of fruit microclimate during the final stage of rapid fruit growth. Two irrigation treatments (standard and deficit irrigations) were applied. Fruit microclimatic conditions were modified by enclosing the fruits in plastic films covered with two types of foil (osmolux and P+). Fruit and stem potentials showed significant differences between treatments. In the deficit irrigation treatment, tree water potential decreased (-22 bars compared to -15 bars in the case of the treatment with standard irrigation) while at the same time, a fluctuation of the stem diameter was observed. The combined effects of water stress and modified microclimatic conditions affected the fruit water status and, consequently, fruit growth parameters. Water stress slowed the xylem flow into the fruit (-36%) and induced a significant reduction in the fruit diameter, fruit fresh and dry masses and soluble solids content. On the other hand, bagging of the fruits with the two types of plastics did not modify fruit diameter, fruit fresh mass and soluble solids content. However, the osmolux plastic induced a significant reduction in the fruit dry mass. Water stress induced a significant decrease of fruit conductance whereas covering fruits with P+ plastic induced its increase. This increase is followed by a reduction of the transpiration rate (due to the moisture raised in the film of P+)