This study details the physiological responses of cork oak (Quercus suber L.) to manipulated water inputs. Treatments named as dry, ambient and wet, which received 80, 100 and 120% of the annual precipitation, respectively, were applied to a Mediterranean woodland in southern Portugal. Tree ecophysiology and growth were monitored from 2003 to 2005. The impacts of the water manipulation were primarily observed in tree transpiration, especially during summer drought. Rainfall exclusion reduced the annual stand canopy transpiration by 10% over the 2-year study period, while irrigation increased it by 11%. The accumulated tree transpiration matched precipitation in spring 2004 and 2005 at the stand level, suggesting that cork oak trees rely on precipitation water sources during the peak of the growing season. However, during the summer droughts, groundwater was the main water source for trees. Despite the significant differences in soil water content and tree transpiration, no treatment effects could be detected in leaf water potential and leaf gas exchange, except for a single event after spring irrigations in the very dry year 2005. These irrigations were intentionally delayed to reduce dry spell duration during the peak of tree growing season. They resulted in an acute positive physiological response of trees from the wet treatment one week after the last irrigation event leading to a 32% raise of stem diameter increment the following months. Our results suggest that in a semi-arid environment precipitation changes in spring (amount and timing) have a stronger impact on cork oak physiology and growth than an overall change in the total annual precipitation. The extreme drought of 2005 had a negative impact on tree growth. The annual increment of tree trunk diameter in the ambient and dry treatments was reduced, while it increased for trees from the wet treatment. Water shortage also significantly reduced leaf area. The latter dropped by 10.4% in response to the extreme drought of 2005 in trees from the ambient treatment. The reduction was less pronounced in trees of the wet treatment (−7.6%), and more pronounced in trees of the dry treatment (−14.7%). Cork oak showed high resiliency to inter-annual precipitation variability. The annual accumulated tree transpiration, the minimum midday leaf water potential and the absolute amount of groundwater used Abbreviations: (A), carbon assimilation; (Amax), maximum carbon assimilation; (CV), crown volume; (DBH), diameter at breast height; (DBH inc), trunk diameter increment; (E), sap flux, tree transpiration; (E/DBH), normalized tree transpiration; (ET), potential evapotranspiration; (gs), stomatal conductance; (gsmax), maximum stomatal conductance; (Gt), whole tree specific hydraulic conductance; (LAD), leaf area density; (LAI), leaf area index; (PAR), photosynthetically active radiation; (PCA), projected crown area; (SLA), specific leaf area; (SWC), soil water content; (T), air temperature; (VPD), vapour pressure deficit; («), leaf water potential; (« md), midday leaf wat...