The climate warming can increase the productivity of some species while decrease that of others, therefore, knowledge of species-specific responses to warming is helpful to understand the possible trajectory of forest ecosystems. Despite the importance of the subtropical secondary broadleaf forests developed from afforestation in South China, our understanding of how the transpiration of trees and shrubs co-growing in these forests responds to soil warming is limited. To explore the effects of soil warming on transpiration and associated ecophysiological traits of trees and shrubs in wet and dry seasons, as well as to clarify respective contributions of trees and shrubs transpiration to the stand total, we conducted a manipulative experiment of soil warming (+2 ℃, WA) and control (CK) in a subtropical secondary broadleaf forest in South China, and continuously monitored the transpiration (based on sap flow) of trees, Schima superba and Acacia auriculiformis, and that (derived from leaf temperature and microclimate) of shrubs, Psychotria asiatica and Castanopsis chinensis, from 2021 to 2022. We also measured leaf water potentials, leaf nutrient status, and δ13C-derived intrinsic water use efficiency (WUEi). Soil warming did not significantly alter the transpiration of trees, with the exception of A. auriculiformis in 2022, whereas it notably increased transpiration of both shrubs. We attributed the stimulation of shrubs’ transpiration mainly to the more favorable leaf water potentials under warming condition. Due to the increased transpiration, the contribution of shrubs to stand transpiration was consequently increased, highlighting the potential role of shrubs in the hydrological dynamics of forest ecosystems. Additionally, the WUEi, soil main macro-nutrients, and leaf nutritional status of all species were not significantly affected by soil warming. These findings indicated that the carbon-water exchange and nutrient status of the studied plants can be maintained even when exposed to moderate increases in soil temperature and relatively drier condition, reflecting the resilience of the subtropical secondary broadleaf forest to possible climate warming. Further research on the interaction and competition of co-existing trees and shrubs under soil warming will improve the prediction of forest dynamics under future climate change, which benefits the efforts to conserve such forests in order to address the environmental pressure in the region.