Water limits may have a disastrous impact on agricultural productivity, and the current climate change scenario presents additional problems for crops that rely on regular rainfall. Reactive oxygen species, such as hydrogen peroxide (H2O2), are a recognized stress-sensing mechanism in plants, and may be investigated as an approach for reducing stress impact via systemic acquired acclimation. Here, we looked at how H2O2 foliar application impacts tomato plants’ photosynthetic activity, antioxidant system, sugar chemical profile, and osmotic adjustment during drought and recovery. The experiment was in randomized blocks, 3 × 2 factorial design, with no, one, or two foliar application of 1 mM H2O2, on plants that were either continually watered or subjected to drought. The plants were tested both during the drought period and after they had resumed irrigation (recovered). Leaf water potential, chlorophyll a fluorescence, gas exchange, lipid peroxidation, H2O2 concentrations, phenols, proline, antioxidant enzyme activity, and sugar chemical profile were all measured. Our findings showed that H2O2 application generated metabolic alterations in tomato plants independent of water status, and that two applications in drought plants resulted in a 30% decrease in oxidative stress during drought and faster recovery following irrigation return, with greater production of defence-related molecules such as the APX enzyme, phenols, arabinose, and mannose. Continually watered plants also benefited from H2O2 application, which increased carbon assimilation by 35%.