Miconia albicans, a common evergreen cerrado species, was studied under field conditions. Leaf gas exchange and pre-dawn leaf water potential (Ψpd) were determined during wet and dry seasons. The potential photosynthetic capacity (PNpmax) and the apparent carboxylation efficiency (ε) dropped in the dry season to 28.0 and 0.7 %, respectively, of the maximum values in the wet season. The relative mesophyll (Lm) and stomatal (Ls) limitations of photosynthesis increased, respectively, from 24 and 44 % in the wet season to 79 and 57 % at the peak of the dry season when mean Ψpd reached -5.2 MPa. After first rains, the PNpmax, ε, and Lm recovered reaching the wet season values, but Ls was maintained high (63 %). The shallow root system growing on stonemason limited by lateral concrete wall to a depth of 0.33 m explained why extreme Ψpd was brought about. Thus M. albicans is able to overcome quickly the strains imposed by severe water stress. and J. A. F. Monteiro, C. H. B. A. Prado.