Abstract Climate change is expected to increase both the frequency and the intensity of climate extremes, consequently increasing the risk of forest role transition from carbon sequestration to carbon emission. These changes are occurring more rapidly in the Alps, with important consequences for tree species adapted to strong climate seasonality and short growing season. In this study, we aimed at investigating the responses of a high-altitude Larix decidua Mill. forest to heat and drought, by coupling ecosystem- and tree-level measurements. From 2012 to 2018, ecosystem carbon and water fluxes (i.e. gross primary production, net ecosystem exchange, and evapotranspiration) were measured by means of the eddy covariance technique, together with the monitoring of canopy development (i.e. larch phenology and normalized difference vegetation index). From 2015 to 2017 we carried out additional observations at the tree level, including stem growth and its duration, direct phenological observations, sap flow, and tree water deficit. Results showed that the warm spells in 2015 and 2017 caused an advance of the phenological development and, thus, of the seasonal trajectories of many processes, at both tree and ecosystem level. However, we did not observe any significant quantitative changes regarding ecosystem gas exchanges during extreme years. In contrast, in 2017 we found a reduction of 17% in larch stem growth and a contraction of 45% of the stem growth period. The growing season in 2017 was indeed characterized by different drought events and by the highest water deficit during the study years. Due to its multi-level approach, our study provided evidence of the independence between C-source (i.e. photosynthesis) and C-sink (i.e. tree stem growth) processes in a subalpine larch forest.