Semiarid pasture management strategies can affect soil hydraulic and thermal properties that determine water fluxes and storage, and heat flow in unsaturated soils. We evaluated long-term (>10 years) perennial and annual semiarid pasture system effects on saturated hydraulic conductivity (ks), soil water retention curves (SWRCs), soil water thresholds (i.e., volumetric water content (θv) at saturation, field capacity (FC), and permanent wilting point (PWP); plant available water (PAW)), thermal conductivity (λ), and diffusivity (Dt) within the 0–20 cm soil depth. Forage systems included: Old World bluestem (Bothriochloa bladhii) + legumes (predominantly alfalfa (Medicago sativa)) (OWB-legume), native grass-mix (native), alfalfa + tall wheatgrass (Thinopyrum ponticum) (alfalfa-TW), and annual grass-mix (annual) pastures on a clay loam soil; and native, teff (Eragrostis tef), OWB-grazed, and OWB-ungrazed pastures on a sandy clay loam soil. The perennial OWB-legume and native pastures had increased soil organic matter (SOM) and reduced bulk density (ρb), improving ks, soil water thresholds, λ, and Dt, compared to annual teff and alfalfa-TW (P < 0.05). Soil λ, but not Dt, increased with increasing θv. Grazed pastures decreased ks and water retention compared to other treatments (P < 0.05), yet did not affect λ and Dt (P > 0.05), likely due to higher ρb and contact between particles. Greater λ and Dt at saturation and PWP in perennial versus annual pastures may be attributed to differing SOM and ρb, and some a priori differences in soil texture. Overall, our results suggest that perennial pasture systems are more beneficial than annual systems for soil water storage and heat movement in semiarid regions.