Background: Water deficit and iron deficiency (iron chlorosis) are common environmental stresses that affect grapevine production in the Mediterranean area. Studies on the impact of both stresses, when they act simultaneously, are rare. The main objective of this investigation was to evaluate the combined effects of the incidence of iron chlorosis and the vine water status on quality of Tempranillo wine. For this, 20 non-irrigated vineyard subzones (10 m × 10 m each), from non-affected to moderately affected by iron chlorosis, were monitored in the Ribera del Duero area (north-central Spain) during two consecutive seasons. Results: Factorial analyses of variance were performed to study the effects of predawn leaf water potential and foliar chlorophyll content, both measured at veraison, on chemical and sensory characteristics of wine. With an impact much greater than water status, the incidence of iron stress decreased pH of the wine and enhanced sensory attributes as tonality, layer intensity, flavour intensity, and persistence in the mouth. There were increases in red colour, astringency, and persistence of the wine associated with chlorosis, although they might be restricted in water-deficit conditions. Conclusion: The results have demonstrated that mild to moderate iron stress can have positive effects on chemical and sensory attributes of Tempranillo wine. Measurements of foliar chlorophyll content at veraison could be very useful to map quality potential in rainfed vineyards affected by iron deficiency.