Regulated deficit irrigation (RDI) strategies may greatly contribute to save irrigation water, especially in low water availability conditions. The effects of RDI on the growth process, photosynthesis, fruit yield, and some quality traits were assessed for two years on three plum (Prunus salicina Lindl.) cultivars (‘Black Diamond’, ‘Black Gold’ and ‘Black Star’) grown in Midwest Tunisia. The experiment was conducted during two successive seasons (2011–2012). Two water regimes were applied per cultivar during the phase of fruit growth until fruit ripening. Stressed trees receive 50% of the amount of irrigation compared to controls (CI). Several eco-physiological parameters and some pomological criteria were measured, based on the climatic condition (ETo, ETc, and VDP). Results showed that the three cultivars had an aptitude for tolerance for moderate stress with varying degrees of response time to drought stress. Globally, a slight decrease in the gas exchange rate (AN and gs) and the water status (RWC, Ψmin, and Ψos) was registered. Tree yields, size and weight show a slight decrease under water stress. Nevertheless, there was an improvement in the total soluble solid content (SSC) and firmness in same cultivars. Our results proved that the Black Star cultivar was the most tolerant to deficit irrigation, in reason that it maintains a good water status and a high photosynthetic activity.