This study determined the effect that the irrigation dosage and cluster thinning showed over the antioxidant activities and total phenols in grapes, and phenolic profile and chromatic characteristics of cv. Tempranillo wines. The experiment was carried out over two consecutive seasons at an experimental vineyard in Extremadura (Spain). The plants were subjected to two post-véraison irrigation treatments, one at 100% (R100) and the other at 25% (R25) of crop evapotranspiration (ETc). Two crop loads (C and T) were additionally established for each irrigation treatment by cluster thinning at véraison. The winemaking process involved separate use of the grapes from each of the four resulting treatment groups (R100C, R100T, R25C and R25T) and followed a common protocol. In grapes, the effect of thinning enhanced when combined with water deficit, resulting in increases phenylpropanoids and flavonoids at the harvest, while leaving the polyphenol oxidase´s activity unaffected. In wines, the higher post-véraison water stress of the R25 treatments resulted in higher values of dimeric flavonol and flavanol concentrations. The wine hue was affected by water status. The cluster thinning caused additional increases in the concentrations of monomeric flavanols and anthocyanins, as well as resulting in stronger wine colour intensity.