The use of paper or nylon bags (fruit bagging) to surround tree fruit during development provides protection from a variety of pest-disease complexes for peach without yield reduction and different-colored bags have the potential to improve fruit quality based on findings from other crops. An experiment was conducted in 2019 at two locations in central Florida on peach [Prunus persica (L.) Batch] ‘TropicBeauty’ and ‘UFSun’ to analyze the impact of a commercially available white paper fruit bag combined with a photoselective insert. The insert reduced the amount of light outside the spectrum range of interest for blue (400–500 nm), green (500–600 nm), or red (>600 nm) wavebands, or decreased fluence rate with a neutral density black (>725 nm) insert. Relative to ambient, temperature inside all bagging treatments during the daytime hours was increased by 5.1 °C. During the same time, relative humidity was reduced by 10.1%, but calculations revealed that the water vapor pressure was elevated only for treatments that had a plastic colored (blue, green, or red) insert. An orthogonal contrast revealed that the elevated water vapor around the fruit in a colored bag increased the concentration of chlorophyll at harvest but had no effect on other quality parameters. Compared with unbagged fruit, red-bagged fruit were 1.8 times firmer and green-bagged fruit and had a lower peel chroma. White-bagged (without photoselective insert) fruit had similar nutrient concentrations for the peel, flesh, and pit when compared with unbagged fruit. When bags remained on the fruit until harvest, anthocyanin concentration in unbagged fruit peel was double the amount in white bags and 6-fold more than the bags with color inserts. Different-colored bagging treatments did not influence insect attraction or fruit quality parameters, such as fruit size, diameter, difference of absorbance (DA) index, total soluble solids (TSS), titratable acidity (TA), pH, peel lightness, peel hue, flesh lightness, flesh hue, or flesh chroma. Relative to full sun, the colored bag treatments allowed between 3.7% (black) and 17.4% (red) of the photosynthetically active radiation (PAR). Additional research is needed to determine if an increase in fluence rate at specific spectral wavelengths can affect the quality for peach grown in bags in the field.