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Specific leaf area (SLA) is a key trait to screen plants for ecological performance and productivity; however, the relationship between SLA and photosynthesis is not always up-scalable to growth when comparing multiple species with different life cycles. We explored leaf anatomy in annual and perennial species of Physaria, and related it to photosynthesis and water loss. The annual Physaria gracilis had higher SLA, thinner leaves, and lower investment in protective tissues, than perennial P. mendocina. Physaria angustifolia (annual), and P. pinetorum (perennial) showed intermediate values. Both perennials had a thicker palisade and high photosynthesis, relative to annuals. The larger leaf veins of perennials should allow high water availability to the mesophyll. The thicker palisade should determine high resistance to water flow and help explain their high water-use efficiency. These leaf functions reflect the construction of long-lived leaves that efficiently use resources under environmental limitations of arid environments.