Recent research has demonstrated that global warming significantly enhances peak vegetation growth on the Tibetan Plateau (TP), underscoring the influence of climatic factors on vegetation dynamics. Nevertheless, the effects of different drought types on peak vegetation growth remain underexplored. This study utilized satellite-derived gross primary productivity (GPP) and the normalized difference vegetation index (NDVI) to assess the impacts of soil moisture (SM) and vapor pressure deficit (VPD) on peak vegetation growth (GPPmax and NDVImax) across the TP from 2001 to 2022. Our findings indicate that NDVImax and GPPmax exhibited increasing trends in most regions, displaying similar spatial patterns, with 65.28% of pixels showing an increase in NDVImax and 72.98% in GPPmax. In contrast, the trend for SM primarily showed a decrease (80.86%), while VPD showed an increasing trend (74.75%). Through partial correlation analysis and ridge regression, we found that peak vegetation growth was significantly affected by SM or VPD in nearly 20% of the study areas, although the magnitude of these effects varied considerably. Furthermore, we revealed that hydrothermal conditions modulated the responses of peak vegetation growth to SM and VPD. In regions with annual precipitation less than 650 mm and an annual mean temperature below 10 °C, decreased SM and increased VPD generally inhibited peak vegetation growth. Conversely, in warm and humid areas, lower SM and higher VPD promoted peak vegetation growth. These findings are crucial for deepening our understanding of vegetation phenology and its future responses to climate change.