A Shiraz must with low yeast assimilable nitrogen (YAN) was supplemented with two concentrations of diammonium phosphate (DAP) and then fermented with maceration on grape skins. The nonvolatile, volatile, and color composition of the final wines were investigated. Ethanol and residual sugars were not affected by DAP supplementation, while glycerol, SO 2, and residual YAN increased and acetic acid decreased. DAP-supplemented treatments gave rise to higher concentrations of acetates, fatty acids, and fatty acid ethyl esters but lower concentrations of branched-chain fatty acids and their ethyl esters. No major difference between treatments was observed for higher alcohols, monoterpenes, norisoprenoids, and low-molecular-weight sulfur compounds. DAP-supplemented fermentations resulted in wines with higher concentrations of malvidin-3-glucoside, higher color intensity, and altered color tonality. Model aging studies indicated that higher concentrations of esters are still present in wines from the DAP-treated fermentations after aging. DAP supplementation also resulted in increased concentrations of dimethyl sulfide after model aging. It can be concluded that DAP treatment of a low YAN must fermented by maceration on skins can significantly affect wine color, aroma, and flavor.