Purpose: Root exudation of organic acids (OAs) facilitates plant P uptake from soil, playing a key role in rhizosphere nutrient availability. However, OA exudation responses to CO2 concentrations and water availability remain largely untested. Methods: We examined the effects of CO2 and water on OA exudates in three Australian woodland species: Eucalyptus tereticornis, Hakea sericea and Microlaena stipoides. Seedlings were grown in a glasshouse in low P soil, exposed to CO2 (400 ppm [aCO2] or 540 ppm [eCO2]) and water treatments (100% water holding capacity [high-watered] or 25–50% water holding capacity [low-watered]). After six weeks, we collected OAs from rhizosphere soil (OArhizo) and trap solutions in which washed roots were immersed (OAexuded). Results: For E. tereticornis, the treatments changed OArhizo composition, driven by increased malic acid in plants exposed to eCO2 and increased oxalic acid in low-watered plants. For H. sericea, low-watered plants had higher OAexuded per plant (+ 116%) and lower OArhizo per unit root mass (–77%) associated with larger root mass but fewer cluster roots. For M. stipoides, eCO2 increased OAexuded per plant (+ 107%) and per unit root mass (+ 160%), while low-watered plants had higher citric and lower malic acids for OArhizo and OAexuded: changes in OA amounts and composition driven by malic acid were positively associated with soil P availability under eCO2. Conclusion: We conclude that eCO2 and altered water availability shifted OAs in root exudates, modifying plant–soil interactions and the associated carbon and nutrient economy.