European oak species have long been considered relatively resistant to different disturbances, including drought. However, several recent studies have reported their decline initiated by complex changes. Therefore, we compared mature sessile oak trees (Quercus petraea (Matt.), Liebl.) infested versus non-infested by hemiparasitic yellow mistletoe (Loranthus europaeus Jacq.) during the relatively dry vegetation season of 2019. We used broad arrays of ecophysiological (maximal assimilation rate Asat, chlorophyll a fluorescence, stomatal conductance gS, leaf morphological traits, mineral nutrition), growth (tree diameter, height, stem increment), and water status indicators (leaf water potential Ψ, leaf transpiration T, water-use efficiency WUE) to identify processes underlying vast oak decline. The presence of mistletoe significantly reduced the Ψ by 1 MPa, and the WUE by 14%. The T and gS of infested oaks were lower by 34% and 38%, respectively, compared to the non-infested oaks, whereas the Asat dropped to 55%. Less pronounced but significant changes were also observed at the level of photosystem II (PSII) photochemistry. Moreover, we identified the differences in C content, which probably reduced stem increment and leaf size of the infested trees. Generally, we can conclude that mistletoe could be a serious threat that jeopardizes the water status and growth of oak stands.