From the Super Mario Wiki
This article is about the fruit. For information about other uses, see here
Peaches are fruit that restore a small amount of life when consumed. In both Super Smash Bros. Brawl and Super Smash Bros. for Nintendo 3DS / Wii U, they appear during Princess Peach's Final Smash, the Peach Blossom. When used, peaches fall from the sky as Peach's enemies fall asleep. These are free to be eaten by Peach or her enemies, if they wake up in time. If they aren't interacted with after a while, they will disappear. The peaches in Super Smash Bros. for Nintendo 3DS / Wii U are much larger than the ones that appear in Super Smash Bros. Brawl.