AbstractThe estimation of plant‐available soil water (PASW) is essential to quantify transpiration fluxes, the onset of heatwaves, irrigation water management, land‐use decisions, vegetation ecology, and land surface memory in climate models. PASW is the amount of stored water available for plant use. It is broadly defined as the difference between soil water content at field capacity (FC) and wilting point (WP) in the root zone. The limiting states of FC and WP are linked to gravitational drainage and plant physiology and are often deduced from soil water characteristics at prescribed matric potentials (−3.3 and −150 m for FC and WP, respectively). Evidence suggests that static definition of FC at a constant matric potential ignores dynamic effects on FC attainment affected by soil and climate. Here, we revise the definition of PASW by considering (a) soil‐specific dynamic effects and (b) local climate effects of evaporation and rainfall frequency on PASW. The new global PASW maps benefit from state‐of‐the‐art soil maps, water characteristic parameterization, and incorporation of dynamic definition of FC. For completeness we provide static and dynamic PASW estimates. Globally, ice‐free soils store up to 19,941 km³ of water in the top 1 m (representing 18% of annual terrestrial precipitation). Adjusted for local climatic conditions, global PASW storage rarely exceeds 14,853 km³ per year highlighting the need for multiple refilling of soil profiles. Differences between potential and climatic PASW are manifested primarily in arid regions (where soil profiles are rarely filled to capacity) whereas in humid regions differences in PASW storage are minor.