The contrasting hydraulic traits observed among different plant life forms are shaped by entangled environmental and evolutionary processes. However, we lack understanding of the relative importance of life form, climate and phylogeny in explaining the variance of hydraulic traits. We analysed seven hydraulic traits and eleven climatic variables of 150 Fabaceae species representing three life forms from 62 sites worldwide, using phylogenetic comparative analyses and variance partitioning. The phylogenetic signal found in most traits disappeared after considering life form, indicating that phylogenetic conservatism in traits originated from the divergence among life forms. The trait‐climate relationships were also phylogenetically dependent, implying that trait responses are driven by climate and phylogeny together. Variance partitioning showed that phylogeny and climate explained greater trait variation than life form did. Synthesis. The climate‐driven hydraulic trait responses in Fabaceae still existed with phylogeny being considered, suggesting that this large family may be particularly sensitive to climate change. Our results emphasise the need to include phylogeny in plant hydraulic adaptation studies under future climate change.