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In water-limited ecosystems, hydrological processes significantly affect the carbon flux. The semi-arid grassland ecosystem is particularly sensitive to variations in precipitation (PRE) and soil moisture content (SMC), but to what extent is not fully understood. In this study, we estimated and analyzed how hydrological variables, especially PRE at multi-temporal scales (diurnal, monthly, phenological-related, and seasonal) and SMC at different soil depths (0-20 cm, 20-40 cm, 40-60 cm, 60-80 cm) affect the carbon flux. For these aims, eddy covariance data were combined with a Vegetation Photosynthesis and Respiration Model (VPRM) to simulate the regional gross primary productivity (GPP), ecosystem respiration (R-eco), and net ecosystem exchange of CO2 (NEE). Interestingly, carbon flux showed no relationship with diurnal PRE or phenological-related PRE (precipitation in the growing season and non-growing season). However, carbon flux was significantly related to monthly PRE and to seasonal PRE (spring + summer, autumn). The GPP, R-eco, and NEE increased in spring and summer but decreased in autumn with increasing precipitation due to the combined effect of salinization in autumn. The GPP, R-eco, and NEE were more responsive to SMC at 0-20 cm depth than at deeper depths due to the shorter roots of herbaceous vegetation. The NEE increased with increasing monthly PRE because soil microbes responded more quickly than plants. The NEE significantly decreased with increasing SMC in shallow surface due to a hysteresis effect on water transport. The results of our study highlight the complex processes that determine how and to what extent PRE at multi-temporal scale and SMC at different depths affect the carbon flux response in a water-limited grassland. (c) 2018 Elsevier B.V. All rights reserved.