Understanding the responses of ectomycorrhizal (ECM) fungi and their tree hosts to warming and reduced soil water availability under realistic future climate scenarios is essential, yet few studies have investigated how combined global change stressors impact ECM fungal community richness and composition as well as host performance. In this study, we leveraged a long-term factorial warming (ambient, + 1.7 ºC, + 3.2 ºC) and rainfall reduction (ambient, 30% reduced rainfall) experiment in northern Minnesota, USA to investigate the responses of two congeneric hosts with varying drought tolerances and their associated ECM fungal communities to a gradient of soil moisture induced by a combination of warming and rainfall reduction. Soil drying had host-specific effects; the less drought tolerant Pinus strobus had decreased stem growth and lower ECM fungal community richness (fewer ECM fungal Operational Taxonomic Units, OTUs), while the more drought tolerant Pinus banksiana experienced no decline in stem growth but had an altered ECM fungal community composition under drier, warmer soils. Taken together, the results of this study suggest that the combined effects of warming and decreased precipitation will largely be additive in terms of their impact on host performance and ECM fungal community richness, but that drier and warmer soil conditions may also differentially impact specific ECM fungal genera independently of host performance.