Stomata modulate the equilibrium and interplay between photosynthesis and transpiration in plants, which is vital for their adaptation to environmental fluctuations. Utilizing the Naleqiao Marsh water table drawdown simulation control experiment platform in the Ruoergai Plateau, this study examines the responses of leaf stomatal features and photosynthetic properties of Carex muliensis to receding water tables. It explores the variation and trade-off relationships between stomatal and photosynthetic traits. The findings reveal that: (1) Following the water table drawdown, there was a significant reduction in stomatal number (NS), stomatal density (SD), net photosynthetic rate (P_n), transpiration rate (T_r), stomatal conductance (G_s), and chlorophyll content (Chl) of Carex muliensis (P<0.05). Conversely, stomatal area (SA), leaf thickness (LT), and intercellular CO₂ concentration (C_i) exhibited a significant increase (P<0.05). There were no significant differences in vascular bundle area (VA), vessel area (CA), or sieve tube area (STA) (P>0.05). (2) All traits within the stomatal and photosynthetic characteristics of Carex muliensis were significantly correlated (P<0.05), but only CA showed a significant positive correlation with VA and STA within the anatomical traits (P<0.05). There was no significant correlation between anatomical traits and stomatal or photosynthetic characteristics (P>0.05). Nevertheless, there was a strong association between stomatal traits and photosynthetic traits, with NS and SD demonstrating a highly significant positive correlation with G_s, P_n, and T_r (P<0.001), while SA showed a highly significant negative correlation with G_s, P_n, and T_r (P<0.001). (3) There was a certain degree of coordinated variation between stomatal traits and photosynthetic characteristics, although this relationship did not exist under different water table conditions. (4) Moreover, as water tables in the wetland recede, Carex muliensis transitions from a high-return strategy to a low-return strategy. In summary, Carex muliensis demonstrated high plasticity in adapting to low water tables, with a coordinated variation between stomatal traits and photosynthetic characteristics that reflected a trade-off strategy. This underscores the adaptability of leaf structure and function to water table changes in alpine wetland plants on the Ruoergai Plateau, aiding Carex muliensis in survival and reproduction in a changing environment.