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Understanding how fungal communities are affected by precipitation is an essential aspect of predicting soil functional responses to future climate change and the consequences of those responses for the soil carbon cycle. We tracked fungal abundance, fungal community composition, and soil carbon across 4 years in long‐term field manipulations of rainfall in northern California. Fungi responded directly to rainfall levels, with more abundant, diverse, and consistent communities predominating under drought conditions, and less abundant, less diverse, and more variable communities emerging during wetter periods and in rain‐addition treatments. Soil carbon storage itself did not vary with rainfall amendments, but increased decomposition rates foreshadow longer‐term losses of soil carbon under conditions of extended seasonal rainfall. The repeated recovery of fungal diversity and abundance during periodic …