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Summary It is well‐known that the mycorrhizal type of plants correlates with different modes of nutrient cycling and availability. However, the differences in drought tolerance between arbuscular mycorrhizal (AM) and ectomycorrhizal (EcM) plants remains poorly characterized.We synthesized a global dataset of four hydraulic traits associated with drought tolerance of 1457 woody species (1139 AM and 318 EcM species) at 308 field sites. We compared these traits between AM and EcM species, with evolutionary history (i.e. angiosperms vs gymnosperms), water availability (i.e. aridity index) and biomes considered as additional factors.Overall, we found that evolutionary history and biogeography influenced differences in hydraulic traits between mycorrhizal types. Specifically, we found that (1) AM angiosperms are less drought‐tolerant than EcM angiosperms in wet regions or biomes, but AM gymnosperms are more drought‐tolerant than EcM gymnosperms in dry regions or biomes, and (2) in both angiosperms and gymnosperms, variation in hydraulic traits as well as their sensitivity to water availability were higher in AM species than in EcM species.Our results suggest that global shifts in water availability (especially drought) may alter the biogeographic distribution and abundance of AM and EcM plants, with consequences for ecosystem element cycling and ultimately, the land carbon sink.