The presence of fruits provokes significant modifications in the plant water relations and leaf gas exchange. The underlying processes driving these modifications are still uncertain and likely depend on the water deficit level. Our objective was to explain and track the modification of leaf water relations by the presence of fruits and water deficit. With this aim, net photosynthesis rate (AN), stomatal conductance (gs), leaf osmotic potential (Ψπ), leaf soluble sugars, and daily changes in a variable related to leaf turgor (leaf patch pressure) were measured in olive trees with and without fruits at the same time, under well-watered (WW) and water stress (WS) conditions. Leaf gas exchange was increased by the presence of fruits, this effect being observed mainly in WW trees, likely because under severe water stress, the dominant process is the response of the plant to the water stress and the presence of fruits has less impact on the leaf gas exchange. Ψπ was also higher for WW trees with fruits than for WW trees without fruits. Moreover, leaves from trees without fruits presented higher concentrations of soluble sugars and starch than leaves from trees with fruits for both WW and WS, these differences matching those found in Ψπ. Thus, the sugar accumulation would have had a dual effect because on the one hand, it decreased Ψπ, and on the other hand, it would have downregulated AN, and finally gs in WW trees. Interestingly, the modification of Ψπ by the presence of fruits affected turgor in WW trees, whose change can be identified with leaf turgor sensors. We conclude that the plant water relationships and the leaf gas exchange are modified by the presence of fruits through their effect on the export of sugars from leaves to fruits. The possibility of automatically identifying the onset of sugar demand by the fruit through the use of sensors, in addition to the water stress produced by soil water deficit and atmosphere drought, could be of great help for the fruit orchard management in the future.