Masson pine (Pinus massoniana Lamb.) is a dominant coniferous species in southern China, known for its rapid growth, abundant yield, and extensive utilization. Despite the robust adaptability of Masson pine and the rich annual precipitation in its distribution areas, this species still faces the mortality risk caused by the recurrent high temperatures in summer and low precipitation in subtropical regions. The mortality risk of Masson pine may increase in the future when facing a more frequent or intensive drought threat due to climate change. In this study, we conducted a manipulated drought experiment accompanying high temperature (~32.3 ± 0.7 °C in daytime and 28 °C in nighttime) to simulate a flash drought, aiming to explore the composite physiological response (hydraulic, gas exchange, and nonstructural carbon (NSC) characteristics) of Masson pine seedlings to extreme drought characterized by a high intensity and long duration. We found that, as the drought developed, the leaf water potential and gas exchange traits (net photosynthesis rate, stomatal conductance, and transpiration) significantly decreased while the percentage loss of hydraulic conductivity (PLC) significantly increased. In contrast, NSC remained a more constant trend before it was significantly reduced on day 30 after the beginning of the drought. Except for NSC, all the other traits had significant correlations between them. Additionally, hydraulic dysfunction indicated by the increasing PLC preceded the NSC depletion, which may indicate a more significant role for hydraulic failure than carbon starvation in drought-induced mortality. Conclusively, hydraulic and gas exchange traits showed a coupling response to drought, but NSC displayed an independent dynamic. The findings may improve our understanding of drought-coping strategies of Masson pine and provide some theoretical basis for Masson pine forest management.