The almond tree is generally recognized as drought-tolerant, though it depends on water resources to achieve high yields. During the summer months of two consecutive years, several physiological and biochemical parameters were observed, to understand the almond tree's seasonal sensitivity and behavior under different irrigation strategies based on crop evapotranspiration (ETc): T100 optimal water requirement regime (applying 100% ETc); T70 and T35 sustained deficit irrigation regimes (applying 70% and 35% ETc); T100-35 regulated deficit irrigation regime (reducing the application to 35% ETc during fruit filling stage); and T0 (rainfed). The total leaf chlorophyll and carotenoid reduction in T0 and T35 treatments was significant compared to T100-35. Leaf soluble proteins and total soluble sugar contents were significantly higher in non-irrigated trees compared to other treatments, while the starch content showed the opposite trend. Rainfed trees were under obvious water stress, displaying the lowest values for relative water content (RWC), stomatal conductance (gs), photosynthetic rate (A), and transpiration rate (E), and the highest for intrinsic water use efficiency (A/gs). Plant hormones (ABA and IAA) generally accumulated more in non-irrigated trees. The almond tree has been confirmed as a drought-tolerant species, and when water is scarce, reducing the water application to 35% ETc during fruit filling stage, results in no yield losses, and the plant status remains unstressed. However, to get the maximum crop potential, in years and areas where water is not restricted, full irrigation requirements have been shown to boost almond tree performance.