Climate change will likely increase weather persistence in the mid-latitudes, resulting in precipitation regimes (PR) with longer dry and wet periods compared to historic averages. This could affect terrestrial ecosystems substantially through the increased occurrence of repeated, prolonged drought and water logging conditions. Climate history is an important determinant of ecosystem responses to consecutive environmental extremes, through direct damage, community restructuring as well as morphological and physiological acclimation in species or individuals. However, it is unclear how community restructuring and individual metabolic acclimation effects interact to determine ecosystem responses to subsequent climate extremes. Here, we investigated, if and how, differences in exposure to extreme or historically normal PR induced long-lasting (i.e. legacy) effects at the level of community (e.g., species composition), plant (e.g., biomass), and molecular composition (e.g., sugars, lipids, stress markers). Experimental grassland communities were exposed to long (extreme) or short (historically normal) dry/wet cycles in year 1 (Y1), followed by exposure to an identical PR or the opposite PR in year 2 (Y2). Results indicate that exposure to extreme PR in Y1, reduced diversity but induced apparent acclimation effects in all climate scenarios, stimulating biomass (higher productivity and structural sugar content) in Y2. In contrast, plants pre-exposed to normal PR, showed more activated stress responses (higher proline and antioxidants) under extreme PR in Y2. Overall, Y1 acclimation effects were strongest in the dominant grasses, indicating comparatively high phenotypical plasticity. However, Y2 drought intensity also correlated with grass productivity and structural sugar findings, suggesting that responses to short-term soil water deficits contributed to the observed patterns. Interactions between different legacy effects are discussed. We conclude that more extreme PR will likely alter diversity in the short-to midterm and select for acclimated grassland communities with increased productivity and attenuated molecular stress responses under future climate regimes.