Vegetation acts as a critical link between the geosphere, biosphere, and atmosphere, regulating the flux of water to the atmosphere via transpiration (E) and the input of carbon from the atmosphere to plants and soil via photosynthetic carbon assimilation (A). The rate of A is known to be seasonally dynamic, however, few studies have investigated how the ratio between E and A, known as the water use efficiency (WUE), changes with phenology. WUE directly impacts regional to global carbon and water cycles and lack of knowledge regarding the dynamics of WUE remains among the largest uncertainties in current earth system model (ESM) projections of carbon and water exchange in temperate forests. Here we attempt to reduce this knowledge gap by studying these dynamics across a range of eight deciduous tree species common to temperate forests of North America. Using gas exchange and spectroscopic measurements, we investigated seasonal patterns in leaf level physiological, biochemical, and anatomical properties, including the seasonal progress of WUE and foliar capacity for carbon assimilation, which corollate with seasonal leaf phenology. We incorporate these findings into a modeling framework that contains the same representation of A, E, and canopy scaling found in ESMs to explore the impact of parameterization, which tracks phenological status, on model forecasts. Our results indicate that both photosynthetic capacity and WUE are seasonally dynamic processes which are not synchronized. WUE increased from a minimum at leaf out toward a more conservative behavior at the mid-summer growth peak. This pattern was explained by a decreased stomatal aperture and a decrease in cuticular leakage with leaf aging. We also observed a seasonal increase in maximum carboxylation capacity, with maximum rates of A and modeled tree net primary productivity (NPP) occurring later toward the end of the summer. This change was primarily driven by an increase in foliar nitrogen content, and a shift in the ratio of V_cmax to J_max between expanding and mature leaves. By applying our revised parameterization, which captures seasonal dynamics of gas exchange, into our model framework we aim to improve the process representation of leaf function in a temperate forest, and more faithfully represent dynamics of NPP and E in the early and late growth season.