Abstract Plant traits which vary both within and between species often drive biogeochemical cycling. Understanding the relative role of within‐ and between‐species trait variability in driving carbon cycling is essential to scaling site measurements to global carbon budgets. In seagrass meadows, carbon and nitrogen mineralization rates and associated greenhouse gas emissions are highly variable, impeding our ability to reliably predict whether meadows are net carbon sinks. Evaluating the influence of within‐ and between‐species trait variability on greenhouse gas fluxes will improve our understanding of local‐scale drivers of greenhouse gas production and consumption in seagrass meadows. To test the effects of plant traits on dissolved greenhouse gas fluxes, we performed mesocosm incubations with live, intact seagrass plants. We compared methane (CH4) and nitrous oxide (N2O) fluxes under dark and light conditions from sediments dominated by Halodule wrightii and Thalassia testudinum across dormant, early and peak growing seasons in a subtropical meadow along the west coast of peninsular Florida. We also measured oxygen (O2) fluxes to interpret greenhouse gas fluxes within the context of community metabolism. We measured several seagrass traits, such as above‐ and below‐ground biomass and leaf and root area and assessed their impact as well as the impact of species identity on dissolved gas fluxes. We found that abiotic factors linked to metabolism (i.e. light and temperature) influenced greenhouse gas fluxes across seasons. In addition to light conditions and sampling month, plant size (a composite trait variable) was a significant predictor of O2 consumption and CH4 production under dark conditions, and better predicted fluxes than individual plant traits. CH4 production was slightly higher in H. wrightii‐dominated sediments, but species identity was less important than plant size in driving CH4 production. N2O fluxes were low and not influenced by plant traits or species identity. Synthesis: Our results indicate that within‐species more so than between‐species trait variability drives the direction and magnitude of CH4 fluxes in seagrass meadows. We identified a trade‐off where seagrass biomass is often associated with enhanced sediment carbon storage, but in our study, plant size promoted CH4 production, potentially offsetting the benefits of long‐term storage.