The metabolic effects caused by hydric deficiency (HD) on Eucalyptus grandis clones were assessed by an experiment where plants were cultivated in four blocks. The first was the control block, normally irrigated, whereas the other three blocks were submitted to cycles of hydric deficiency. Analysis of photosynthetic efficiency, enzymatic activity of antioxidant response system, level of pigments and L-proline concentration were performed to evaluate the HD effects. Results showed that HD altered some parameters related to photosynthetic activity, pigments accumulation, proline and enzymatic activity. Clone 433 of E. grandis presented higher response ability to HD.