In a greenhouse study, we aimed to determine whether a temporary water deficit induces ‘drought memory’ in sugar beet (Beta vulgaris L.), and whether this effect can be quantified by alterations in the fluorescence signature of the leaves. Plants were subjected to three consecutive water deficit phases, each followed by a recovery period, and in each cycle new, fully developed leaves were analyzed. Changes in the photosynthetic performance and pigment fluorescence were recorded with a hand-held fluorescence sensor, a laser-induced fluorescence spectrometer, and a leaf gas exchange analyzer. Parameters such as osmotic potential, proline, and chlorophyll content were used as indicators for biochemical modifications and quantification of stress intensity. In general, the evaluated cultivars showed a similar response pattern to water deficit, although the intensity of the stress-induced modification was not always on the same level in the distinct parameters. The long-term and repeated drought caused a decrease of net photosynthesis, increase of far-red fluorescence, and a decrease of both the ‘Simple Fluorescence Ratio’ and the fluorescence lifetime (LT mean) in the blue spectral region. In the second drought cycle, changes in osmotic potential and proline content were lower, but alterations in photosynthesis and fluorescence were as strong as in the first and third drought cycles. This indicates that even if a drought stress memory might occur, it was not possible to precisely identify it using gas exchange and pigment fluorescence determinations. Irrespective of that, the photosynthesis and chlorophyll fluorescence-based parameters (RF, SFR) clearly indicated with high temporal resolution the response of sugar beet plants to the stress, and their partial recovery.