AbstractDrought is one of the most important natural hazards impacting ecosystem carbon cycles. However, it is challenging to quantify the impacts of drought on ecosystem carbon balance and several factors hinder our explicit understanding of the complex drought impacts. First, drought impacts can have different time dimensions such as simultaneous, cumulative, and lagged impacts on ecosystem carbon balance. Second, drought is not only a multiscale (e.g., temporal and spatial) but also a multidimensional (e.g., intensity, time‐scale, and timing) phenomenon, and ecosystem production and respiration may respond to each drought dimension differently. In this study, we conducted a comprehensive drought impact assessment on ecosystem productivity and respiration in humid regions by including different drought dimensions using global FLUXNET observations. Short‐term drought (e.g., 1‐month drought) generally did not induce a decrease in plant productivity even under high severity drought. However, ecosystem production and respiration significantly decreased as drought intensity increased for droughts longer than 1 month in duration. Drought timing was important, and ecosystem productivity was most vulnerable when drought occurred during or shortly after the peak vegetation growth. We found that lagged drought impacts more significantly affected ecosystem carbon uptake than simultaneous drought, and that ecosystem respiration was less sensitive to drought time scale than ecosystem production. Overall, our results indicated that temporally‐standardized meteorological drought indices can be used to reflect plant productivity decline, but drought timing, antecedent, and cumulative drought conditions need to be considered together.