Canopy leaf abundance of Amazon rainforests increases in the dry season but decreases in the wet season, contrary to earlier expectations of water stress adversely affecting plant functions. Drivers of this seasonality, particularly the role of water availability, remain debated. We introduce satellite-based ecophysiological indicators to demonstrate that Amazon rainforests are constrained by water during dry seasons despite light-driven canopy greening. Evidence includes a shifted partitioning of photosynthetically active radiation toward more isoprene emissions and synchronized declines in leaf and xylem water potentials. In addition, we find that convective storms attenuate light-driven ecosystem greening in the late dry season and then reverse to net leaf loss in the wet season, improving rainforest leaf area predictability by 24 to 31%. These findings highlight the susceptibility of Amazon rainforests to increasing risks of drought and windthrow disturbances under warming.