[Objective] This study aimed to investigate the leaf anatomical structures of P. tunicoides populations under water-limited conditions. [Method] 2-year-old seedlings of herbaceous perennial P. tunicoides that was introduced into the experi- mental field were selected as the research objects. Under the well-watered and wa- ter-limited conditions, we conducted the comparative observation of leaf anatomical structure and stomatal characteristics of two populations by using paraffin slice method and imprinting method. [Result] The result showed that the upper cuticle of P. tunicoides leaves were thickened, the palisade tissue/spongy tissue ratio, vascular bundle diameter and number of xylem vessels in main vein had increased, the stomatal opening became smaller and the stomatal density had increased in winter- spring drought period under water-limited conditions. The plasticity of above traits could be regarded as the important indicators for detecting the responses of P. tunicoides populations to water-limited conditions. Meanwhile, variation amplitudes of these indicators were different among populations. Leaf anatomical structure and stomatal characteristics in Lijiang Axi population under water-limited conditions varied significantly, which might cause the stronger adaptability of this population to drought conditions. [Conclusion] This research provided a reference for the selection of drought-resistant P. tunicoides germplasm and exploration of the adaptive differentia- tion of P. tunicoides populations under natural drought conditions.