Solar-induced chlorophyll fluorescence (SIF) is a novel optical signal that has been successfully used to track plant dynamics with the influence of soil water deficit. However, the effect of atmospheric water deficit on SIF under the impact of soil water deficit still remains unclear. Here, continuous measurements of SIF (at 760 nm, F760) of winter wheat under different soil water deficit were collected with a self-developed system. Additionally, soil moisture and atmosphere parameters [including air temperature (Ta), relative air humidity (Rh), and photosynthetically active radiation at 400–700 nm (PAR)] were also synchronously collected by common commercial devices. Vapor pressure deficit (VPD) was calculated based on the measurements of Ta and Rh. The results showed that the driving effect of PAR on F760 was obvious as we expected. Additionally, such effects of PAR on AF760 (F760/PAR) and Fy760 (F760/L685, L685 was canopy radiance at 685 nm) still existed when the PAR influences were partially removed by the calculation of F760/PAR and F760/L685. Furthermore, the relationship of PAR with AF760 or Fy760 was observed to be strengthened under the situation of water deficit through the analysis of Pearson correlations. With the influence of PAR, the accelerative effect of VPD on SIF under soil water deficit was not always observed in our study. Nevertheless, when the effect of PAR was removed by using partial correlation, VPD showed much stronger correlation with SIF in soil water stressed plot than that in unstressed one both at diurnal and seasonal scales. These results revealed that soil water deficit might promote the effect of atmospheric water deficit on SIF. This study has great significance for the application of SIF in drought monitoring and health assessments in terrestrial ecosystem.