Increasing tree species diversity in Mediterranean forests could reduce drought-induced hydraulic impairments through improved microclimate and reduced competition for water. However, it remains unclear if and how species diversity modulates tree hydraulic functions and how impacts may shift during the growing season. Using unmanaged Mediterranean forest stands composed of one (i.e., monospecific) or four (i.e., multispecific) tree species, we examined the seasonal dynamics of in-situ hydraulic traits (predawn and midday leaf water potential - Ψpd and Ψmd, xylem- and leaf-specific hydraulic conductivity - KS and KL, percentage loss of conductivity - PLC, specific leaf area - SLA, and Huber value - HV) in four co-existing Pinus and Quercus species over two years. We mainly observed adverse impacts of species diversity with lower Ψpd, Ψmd, KS, KL, and higher PLC in multispecific compared to monospecific stands, especially for the two pines. These impacts were observed all along the growing season but were stronger duringthe driest periods of the summer. Beneficial impacts of diversity were rare and only occured for oaks (Q. faginea) after prolonged and intense water stress. Our findings reveal that mixing oaks and pines could mainly enhance hydraulic impairments for all species during the dry season, suggesting a potential decline in mixed Mediterranean forests under future climate.