AbstractThe two phases of El‐Niño‐Southern Oscillation (ENSO) influence both regional and global terrestrial vegetation productivity on inter‐annual scales. However, the major drivers for the regional vegetation productivity and their controlling strengths during different phases of ENSO remain unclear. We herein disentangled the impacts of two phases of ENSO on regional carbon cycle using multiple data sets. We found that soil moisture predominantly accounts for ∼40% of the variability in regional vegetation productivity during ENSO events. Our results showed that the satellite‐derived vegetation productivity proxies, gross primary productivity from data‐driven models (FLUXCOM) and observation‐constrained ecosystem model (Carbon Cycle Data Assimilation System) generally agree in depicting the contribution of soil moisture and air temperature in modulating regional vegetation productivity. However, the ensemble of weakly constrained ecosystem models exhibits non‐negligible discrepancies in the roles of vapor pressure deficit and radiation over extra‐tropics. This study highlights the significance of water in regulating regional vegetation productivity during ENSO.