Soil water availability during the vine growth cycle can affect yield and grape quality. The objective was to evaluate the effect of soil water holding capacity (AWC) and available soil water (ASW) throughout the growing cycle on the nutritional status, vigor, production, and composition of grapes and wine. The study was conducted in the municipality of Uruñuela in the DOCa Rioja (Spain). The soils of four rainfed vineyard plots were characterized to determine AWC and its impacts on vine, grape, and wine composition. The N, P, and K foliar content, vigor, grape yield, berry weight, and composition of must and wine were analyzed in those vineyard plots during the period 2010–2014. The ASW was simulated in each plot and each year analyzed, considering the soil properties and the weather conditions, after model calibration in one plot in which soil water content was registered. The results showed that AWC influenced ASW along the growing cycle, so vines suffered from water stress in some periods of the vegetative cycle. Plots with higher AWC had higher ASW from fruit set to ripening and lower water stress during this period, which explains the higher N, P, and K foliar content, vigor and grape yield, and lower polyphenol and anthocyanin content in grapes and wines. The period where water availability had the most influence on the quality of the grapes was from veraison to ripening, during which ASW increased berry weight and acidity and decreased anthocyanins and polyphenolic compounds.