Pteroceltis tatarinowii Maxim is a famous paper-making tree endemic to China with a wide distribution. Leaves of this tree growing in different habitats show a certain plasticity, which is important for their ecological adaption. Here, the photosynthesis ability, hydraulic properties, and anatomy of P. tatarinowii leaves from a limestone forest (Langya Mountain) and a cultivated forest (Xiaoling Village) in Anhui province were compared. The results showed that leaves from Xiaoling Village had higher net photosynthesis rate and hydraulic conductivity, which were closely related to their higher vein density, stomatal density and palisade tissue thickness than leaves from Langya Mountain. However, lower leaf water potentials at turgor loss point and at 50% loss of conductivity, as well as a higher leaf hardness, for Langya Mountain leaves indicated their higher hydraulic safety and drought resistance than those of leaves from Xiaoling Village. This study reveals a hydraulic trade-off between efficiency and safety for P. tatarinowii leaves growing in distinct habitats. Further studies should include more habitats and different vegetation communities to clarify the ecological adaption so as to provide a scientific basis for the protection of this species.