The purpose of the present study was to analyze gas exchanges in leaves and the parameters of productivity of beans (Phaseolus vulgaris, L.) submitted to two water deficiency periods during which three water regimes were employed: W1 (1,0 ETo during the entire plant cycle); W2 (1,0 ETo up to the flowering period and irrigation interruption from the 37 to the 51st day following sowing, and W3 (in addition to the reproductive phase, water deficit was also applied during the vegetative stage). Photosynthesis was one of the main physiological factors affected by water deficit. This was not only caused by the stomata closure, but also by carboxilation reduction due to metabolic damage. This effect was, however, offset 24 h after rehydration. During flowering, the water deficit caused crop productivity to drop significantly, reducing the number of pods and the number of seeds per pod, independently of the water deficit during the vegetative stage. The weight of 100 seeds however, was the same regardless of treatment. These results suggest that the water deficit caused the reduction of photo-assimilates, which affected grain productivity. Nevertheless, once properly formed, seeds developed totally; a strategy of the plant to produce less seeds under stress, but viable to perpetuate the species.