Forest dieback and mortality episodes triggered by droughts are receiving increasing attention due to the projected increases in these extreme climate events. However, the role played by nutrient impairment in dieback is understudied, despite interactions among carbon-water balances and nutrition. Here, we followed a comparative analysis of long-term growth, intrinsic water-use efficiency (iWUE), oxygen isotopes (δ18O) and wood-nutrient composition patterns between living (L) and dead (D) trees of a Nothofagus dombeyi population, showing dieback in Argentina. The onset of the growth decline of D trees occurred ca. 40 years before death. These trees showed higher iWUE, pointing to higher drought stress. Their lower δ18O values, together with the uncoupling between δ18O and leaf-level processes, suggested a deeper source of water uptake for this vigor class. D trees showed a poorer nutritional status than L trees that likely amplified the dieback. This was supported by numerous positive associations of P- and K-concentrations in wood and related ratios with iWUE, δ18O and tree growth. Therefore, drought-related nutrient deterioration can significantly contribute to dieback and be an early warning signal of impending tree death.