Phytochrome-interacting factors (PIFs) were initially recognized as pivotal regulators of plant light signaling pathways. However, mounting evidence suggests that PIFs also exert significant influences on plant development and responses to stress. Here, we identified seven PIF genes in the potato genome and conducted comprehensive characterizations through phylogenetics, gene structure, conserved motif, synteny, chromosomal location analyses and cis-regulatory element. Transcriptome data and gene expression analysis showed that the StPIF4 gene was markedly induced by mannitol-induced water deficit. Additionally, the StPIF4 protein was primarily localized in the nucleus and plasma membrane. In order to explore the function of the StPIF4 gene under mannitol-induced water deficit, the StPIF4 gene was cloned, and several StPIF4 overexpression (OE) lines (OE-8, OE-10, and OE-11) and three RNA interference (RNAi) transgenic lines (RNAi-5, RNAi-9, and RNAi-11) were obtained. The OE lines displayed notable enhancements in various growth parameters such as plant height, leaf number, branch number, fresh weight, dry weight, total root length, root surface area, number of root forks, and number of root tips under mannitol-induced water deficit compared to the wild-type (WT) lines, whereas these parameters were significantly decreased in the RNAi lines. The activities of antioxidant enzymes (SOD, POD, CAT) and the accumulation of proline and soluble sugars were also significantly increased under mannitol-induced water deficit, whereas the levels of thiobarbituric acid reactive substances (TBARSs) and reactive oxygen species (ROS), including hydrogen peroxide (H2O2) and O2−, were significantly reduced in the OE lines compared to WT plants under mannitol-induced water deficit. Moreover, the stomatal aperture of the leaves and the water loss rate in the leaves of the OE lines were significantly reduced under mannitol-induced water deficit compared to the WT plants, whereas for the RNAi lines they were significantly increased. In addition, the overexpression of StPIF4 also upregulated expression of drought-responsive genes and ABA content under mannitol-induced water deficit. Collectively, these results highlight the positive role of the StPIF4 gene in enhancing potato tolerance to mannitol-induced water deficit by decreasing stomatal aperture, enhancing ROS scavenging and mitigating oxidative damage.