Climate change constitutes a major threat for all the Mediterranean countries due to the combination of large precipitation reductions and temperature increases and the higher frequency of climate extremes, especially driving water scarcity and all the derived multi-sectoral impacts. Portugal, as most of the Mediterranean countries, already endures larger frequencies of droughts and deficits in soil moisture and water storage. In the current study, the future projections of soil moisture are examined using a multi-model EURO-CORDEX regional climate ensemble, in agreement with three future emission scenarios (RCP2.6, 4.5 and 8.5). The drivers of future soil moisture dynamics are also analysed and its effect on relative humidity and evaporation rates. As expected, the projections show a clear reduction of soil moisture through the entire annual cycle, in response to the large decrease in precipitation and temperature increase, via a massive growth of potential evapotranspiration. The overall total soil moisture decreases ranges from −5% for the RCP2.6 to −20% (-10%) for the RCP8.5 (RCP4.5), w.r.t. the present climate. In the historical period, soil moisture deficits rarely reach values 3x over the standard deviation, but projections reveal that for the RCP4.5 (RCP8.5) for the mid-century deficits up to 5x (6x) are projected to occur, and for the end-of-century even 7x for the RCP8.5. The annual cycle of soil moisture is in present and future climate determined by precipitation and potential evapotranspiration, and deficit is both enhanced and covers a wider monthly window in the future, especially for the RCP8.5. The surface humidity also decreases importantly, up to −4% and −8% in spring and summer in the end-of-the-century, in agreement with RCP4.5 and RCP8.5, respectively. Resulting from the projected changes in precipitation and potential evapotranspiration, the typical semi-arid climate, which in present climate is confined to a small south-eastern region of Portugal, is expected to cover almost 2/3 of the mainland in the case of RCP8.5. Finally, this study was developed in the framework of the National Roadmap for Adaptation XXI - Portuguese Territorial Climate Change Vulnerability Assessment for XXI Century (RNA2100) project and aims at delivering a deeper and different featuring of terrestrial water for adaptation purposes in a Mediterranean country.