Seasonal precipitation variance significantly alters soil water content, potentially inducing water stress and affecting plant transpiration in semiarid deserts. This study explored the effects of environmental variables and hydraulic conductance on whole-tree transpiration (ET) in Mongolian pines (Pinus sylvestris var. mongolica) across different forest stages in the semiarid deserts of northern China. We measured ET using sap flow in mature (MMP), half-mature (HMP), and young (YMP) Mongolian pine plantations. Measurements included soil-leaf water potential difference (ΔΨ), atmospheric conditions, and soil moisture contents on sunny days, both in dry and wet periods. Seasonally variable rainfall distinctly affected soil moisture, correlating ET with photosynthetically active radiation (PAR) and vapor pressure deficit (VPD). Notable nocturnal sap flow occurred during the growing season. During the dry periods, both stomatal and hydraulic conductance influenced ET, whereas during the wet periods, stomatal conductance primarily regulated it. Discrepancies between predicted and measured ET were noticed: compared to the predicted ET, measured ET was lower during dry periods while higher during wet periods. Hydraulic conductance (KT) increased with tree height (H) and ΔΨ, although tall trees exhibited lower KT rates, suggesting that hydraulic compensation had occurred. This compensation, observed between 11:00 and 13:00, aligned with increased hydraulic resistance during dry periods. Decreasing hydraulic conductance intensified leaf water stress in dry periods, especially during the time when PAR and VPD were heightened, potentially increasing stomatal sensitivity to drought, promoting water conservation and plant survival. A linear relationship between predawn and midday leaf water potentials was noticed, indicating extreme anisohydric behavior across forest stages during both dry and wet periods. Although both stomatal and hydraulic conductance influenced ET during the dry period, MMP and YMP were more susceptible to drought conditions. Understanding these dynamics could help evaluate semiarid desert ecological functions for water conservation amidst uneven seasonal precipitation in Northern China.