Sea-buckthorn (Hippophae rhamnoides) is widely distributed across the Eurasian continent. Recently sea-buckthorn has shown premature aging and decline when confronted with water deficiency and Holcocerus hippophaecolus damage in northwest China and the Loess Plateau region. However, the physiological process of sea-buckthorn senescence in response to drought and pest damage is still unknown. In this study, 4-year-old (4y), 15-year-old normal growth (15yN) and 15-year-old seriously moth-damaged sea-buckthorn plants (15yH) were used as the research objects. The growth of branches and roots, branch water potential and percentage loss of hydraulic conductivity (PLC), branch vulnerability to embolism (quantified by P50, xylem water potential at 50% of PLC), branch xylem parenchyma cell viability, photosynthesis, and the nonstructural carbohydrate (NSC) content in branches and roots in dry and wet seasons were measured. The results showed that the length, basal diameter of 1-year-old branches and the leaf area of 4y trees were significantly larger than that of 15yN and 15yH trees, and the fine root density of 15yH trees was significantly lower than that of 15yN trees in all measured areas. The branch specific hydraulic conductivity of 15yN and 15yH trees was only 50.2% and 12.3% of that of 4y trees, and the P50 of 4y, 15yH and 15yN trees was -3.69 MPa, -2.71 MPa and -1.15 MPa, respectively. The midday water potential and photosynthetic rate were highest in 4y trees, followed by 15yN and then 15yH trees in both the dry season and wet seasons, while branch PLC declined in the opposite direction (15yH trees highest, 4y trees lowest). The degree of PLC repair within a day was highest in 4y trees, followed by 15yN and then 15yH trees, and the viability of xylem cells was consistent with this pattern. The branch xylem starch and NSC content of 4y and 15yN trees was significantly higher than that of 15yH trees in the dry season, and the root starch and NSC content of 4y trees was significantly higher than that of 15yH trees in the two seasons. The above results suggest that the hydraulic properties of the normal elderly and seriously pest-damaged sea-buckthorn were significantly worse than in juvenile plants. Narrower early wood width and vessel density, high embolism vulnerability and weak embolism repair capacity led to the decline in water-conducting ability, and similarly further affected photosynthesis and the root NSC content. The decline in xylem parenchyma cell viability was the main reason for the limited embolism repair in the branches.