This study aimed to evaluate the physiological behavior of faveleira (Cnidoscolus quercifolius Pohl) plants grown in the field, in Caatinga, during wet and dry seasons. Adult plants were selected for evaluation in March and April (wet season) and May and June (dry season), during 2016. We evaluated the soil water content, water potential (Ψw), osmotic potential (Ψπ), relative water content (RWC), stomatal conductance (gs), transpiration rate (E), photosynthetic rate (A), intercellular CO2 concentration (Ci), instantaneous water use efficiency (A/E) and carboxylation efficiency (A/Ci). The reduction in water availability in the soil promoted a marked decrease in soil water potential, which was more affected than the relative water content. The opening of the stomata was affected by the decrease in soil moisture content, reducing the stomatal conductance, transpiration rate, photosynthesis rate, instantaneous water use efficiency and carboxylation efficiency. The photosynthesis was more affected than transpiration by the reduction in soil moisture content.