Photosynthesis response curves were carried out using different light intensities in 14 olive cultivars subjected to moderate and severe water deficits. For each cultivar, the electronic transfer ratio in response to light was also obtained. The mathematical adjustment of these response curves allowed calculating, with a correlation coefficient above 0.95, parameters such as photosynthetic efficiency, the slope of the curves, the number of electrons required to fix a CO2 molecule, and the number of photons to assimilate a molecule of CO2, among others, as well as their variation with the lack of water. This work represents the first contribution of the response of photosynthesis in olive cultivars to different light intensities in moderate and severe drought conditions for a considerable number of cultivars. The parameters described, and the results provided, pave the road for subsequent work related to plant physiology and other areas of science and technology, and allow the tolerance to water stress to be objectively compared in these fourteen olive cultivars.