Plant metabolism determines the structure and dynamics of ecological systems across many different scales. The metabolic theory of ecology quantitatively predicts the scaling of metabolic rate as a function of body size and temperature. However, the role of tissue water content has been neglected even though hydration significantly affects metabolism, and thus ecosystem structure and functioning. Here, we use a general model based on biochemical kinetics to quantify the combined effects of water content, body size and temperature on plant metabolic rates. The model was tested using a comprehensive dataset from 205 species across 10 orders of magnitude in body size from seeds to mature large trees. We show that water content significantly influences mass-specific metabolic rates as predicted by the model. The scaling exponents of whole-plant metabolic rate vs body size numerically converge onto 1.0 after water content is corrected regardless of body size or ontogenetic stage. The model provides novel insights into how water content together with body size and temperature quantitatively influence plant growth and metabolism, community dynamics and ecosystem energetics.