Microbial growth is central to soil carbon cycling. However, how microbial communities grow under climate change is still largely unexplored. In an experiment simulating future climate conditions (increased atmospheric CO2 and temperature) and drought, we traced 2H or 18O applied via water-vapor exchange into fatty acids or DNA, respectively, allowing to measure community- and group-level adjustments in soil microbial physiology (replication, storage product synthesis, and carbon use efficiency, CUE). We show, that while overall community-level growth decreased by half during drought, fungal growth remained stable demonstrating an astonishing resistance of fungal activity against soil moisture changes. In addition, fungal investment into storage triglycerides increased more than five-fold under drought. CUE (the balance between anabolism and catabolism) was unaffected by drought but decreased in future climate conditions. Our results highlight that accounting for different growth strategies can foster our understanding of soil microbial contribution to C cycling and feedback to climate change.