Drought is expected to increase in future climate scenarios. Although responses to drought of individual functional traits are relatively well‐known, simultaneous changes across multiple traits in response to water scarcity remain poorly understood despite its importance to understand alternative strategies to resist drought.We grew 52 herbaceous species in monocultures under drought and control treatments and characterized the functional space using seven measured above‐ and below‐ground traits: plant height, leaf area, specific leaf area, leaf dry matter content, specific root length, average root diameter, and root dry matter content. Then, we estimated how each species occupied this space and the amount of functional space occupied in both treatments using trait probability density functions. We also estimated intraspecific trait variability (ITV) for each species as the dissimilarity in trait values between the individuals of each treatment. We then mapped drought resistance and ITV in the functional space using generalized additive models.The response of species to drought strongly depended on their traits, with species that invested more in root tissues and conserved small size being both more resistant to drought and having higher ITV. We also observed a significant trend of trait displacement towards less conservative strategies. However, these changes depended strongly on the trait values of species in the control treatment, with species with different traits having opposing responses to drought. These contrasting responses resulted in lower trait variability in the species pool in drought compared to control conditions. Our results suggest strong trait filtering acting on conservative species as well as the existence of an optimal part in the functional space to which species converge under drought.Our results show that changes in species trait‐space occupancy are key to understand plant strategies to withstand drought, highlighting the importance of individual variation in response to environmental changes, and suggest that community‐wide functional diversity and biomass productivity could decrease in a drier future. Knowing these shifts will help to anticipate changes in ecosystem functioning facing climate change. Read the free Plain Language Summary for this article on the Journal blog. [ABSTRACT FROM AUTHOR]