ABSTRACT Background Changes to precipitation patterns and warming temperatures are predicted to reduce the water available to Australian alpine plants during the growing season. Soil water deficits are likely to co-occur with frost extremes that are common throughout the year and heatwaves which are increasing in severity with ongoing climate change. Aims We aimed to determine whether co-occurring reductions in soil moisture would affect the capacity of alpine plants to tolerate temperature extremes. Methods We used small rainout shelters to impose a drought treatment in situ in the alpine zone, which chronically reduced soil moisture in plots of alpine plant species including evergreen shrubs, graminoids and perennial forbs. We determined photosynthetic freezing tolerance and heat tolerance during the growing season across 2 years, and measured plant growth, in response to the drought treatment. Results Thermal tolerance was insensitive to chronically reduced soil moisture, and graminoids exhibited overall greater freezing and heat tolerance thresholds than other life forms. The drought treatment improved shrub growth, likely due to the amelioration of wind and the slightly warmer temperatures provided by the rainout shelters. Conclusion We conclude that Australian alpine plants maintain high tolerances to both high- and low-temperature extremes during the growing season and are relatively robust to combined temperature extremes and reductions in near-surface soil moisture that are likely to occur with ongoing climate warming.