Bring 3-4 cups water to boil. Add tea bags, cover and remove from heat. Allow to steep for 10-15 minutes. Remove tea bags, pressing to get all of the liquid from the bags, and discard. Pour tea into a gallon pitcher.
Add peaches to the container of a blender. Blend until smooth. Pour peach puree into pitcher with tea. Fill the pitcher the rest of the way with cold water.
If you prefer your peach tea sweeter, add about 1/4 cup granulated sugar to the tea as it is warm to dissolve or use another sweetener when it is cold such as honey, stevia, or a simple syrup.