Leaf traits can directly reflect the adaptation strategies of plants to the environment. However, there is limited knowledge on the adaptation strategies of heteromorphic leaves of male and female Populus euphratica Oliv. in response to individual developmental stages (i.e., diameter class) and canopy height changes. In this study, morphological and physiological properties of heteromorphic leaves of male and female P. euphratica were investigated. Results showed that both male and female P. euphratica exhibited increased leaf area (LA), leaf dry weight (LDW), leaf thickness (LT), net photosynthetic rate (Pn), transpiration rate (Tr), stomatal conductance (gs), proline (Pro), and malondialdehyde (MDA) concentration, decreased leaf shape index (LI) and specific leaf area (SLA) with increasing diameter and canopy height. Leaf water potential (LWP) increased with increasing diameter, LWP decreased significantly with increasing canopy height in both sexes, and carbon isotope fraction (δ13C) increased significantly with canopy height in both sexes, all of which showed obvious resistance characteristics. However, males showed greater LA, LT, Pn, Tr, and Pro than females at the same canopy height, and males showed significantly higher LA, SLA, LT, Pn, Tr, gs, and MDA, but lower LWP and δ13C than females at the same canopy height, suggesting that male P. euphratica have stronger photosynthetic and osmoregulatory abilities, and are sensitive to water deficiency. Moreover, difference between male and female P. euphratica is closely related to the increase in individual diameter class and canopy height. In summary, male plants showed higher stress tolerance than female plants, and differences in Pn, gs, Tr, Pro, MDA, δ13C, and LWP between females and males were related to changes in leaf morphology, diameter class, and canopy height. The results of this study provide a theory for the differences in growth adaptation strategies during individual development of P. euphratica.