The morphological development of Elberta peach fruit buds was studied in relation to their cold hardiness. Morphological development of peach fruit buds was observed beginning with bud differentiation in mid-summer. Flower initiation was essentially complete by September. Growth was slow in the winter months but increased rapidly as anthesis approached. Photomicrographs were taken to substantiate the discussion . Cold hardiness determinations were made from December until anthesis in April. The hardiness level was greatest during December and remained at a relatively high level until rest ended. Hardiness decreased thereafter. Major losses of hardiness occurred just prior to anthesis.