This study compared leaf gas exchange, leaf hydraulic conductance, twig hydraulic conductivity and leaf osmotic potential at full turgor between two drought-deciduous trees, Vitex peduncularis Wall. and Xylia xylocarpa (Roxb.) W. Theob., and two evergreen trees, Hopea ferrea Lanessan and Syzygium cumini (L.) Skeels, at the uppermost canopies in tropical dry forests in Thailand. The aims were to examine (i) whether leaf and twig hydraulic properties differ in relation to leaf phenology and (ii) whether xylem cavitation is a determinant of leaf shedding during the dry season. The variations in almost all hydraulic traits were more dependent on species than on leaf phenology. Evergreen Hopea exhibited the lowest leaf-area-specific twig hydraulic conductivity (leaf-area-specific K(twig)), lamina hydraulic conductance (K(lamina)) and leaf osmotic potential at full turgor (Ψ(o)) among species, whereas evergreen Syzygium exhibited the highest leaf-area-specific K(twig), K(lamina) and Ψ(o). Deciduous Xylia had the highest sapwood-area-specific K(twig), along with the lowest Huber value (sapwood area/leaf area). More negative osmotic Ψ(o) and leaf osmotic adjustment during the dry season were found in deciduous Vitex and evergreen Hopea, accompanied by low sapwood-area-specific K(twig). Regarding seasonal changes in hydraulics, no remarkable decrease in K(lamina) and K(twig) was found during the dry season in any species. Results suggest that leaf shedding during the dry season is not always associated with extensive xylem cavitation.