Summary Extreme droughts can have long‐lasting effects on forest community dynamics and species interactions. Yet, our understanding of how drought legacy modulates ecological relationships is just unfolding. We tested the hypothesis that leaf chemistry and herbivory show long‐term responses to premature defoliation caused by an extreme drought event in European beech (Fagus sylvatica L.). For two consecutive years after the extreme European summer drought in 2018, we collected leaves from the upper and lower canopy of adjacently growing drought‐stressed and unstressed trees. Leaf chemistry was analyzed and leaf damage by different herbivore‐feeding guilds was quantified. We found that drought had lasting impacts on leaf nutrients and on specialized metabolomic profiles. However, drought did not affect the primary metabolome. Drought‐related phytochemical changes affected damage of leaf‐chewing herbivores whereas damage caused by other herbivore‐feeding guilds was largely unaffected. Drought legacy effects on phytochemistry and herbivory were often weaker than between‐year or between‐canopy strata variability. Our findings suggest that a single extreme drought event bears the potential to long‐lastingly affect tree–herbivore interactions. Drought legacy effects likely become more important in modulating tree–herbivore interactions since drought frequency and severity are projected to globally increase in the coming decades.