Carbon (C) enters into the terrestrial ecosystems via photosynthesis and cycles through the system together with other essential nutrients (i.e., nitrogen [N] and phosphorus [P]). Such a strong coupling of C, N, and P leads to the theoretical prediction that limited nutrient availability will limit photosynthesis rate, plant growth, and future terrestrial C dynamics. However, the lack of reliable information about plant tissue stoichiometric constraints remains a challenge for quantifying nutrient limitations on projected global C cycling. In this study, we harmonized observed plant tissue C:N:P stoichiometry from more than 6,000 plant species with the commonly used plant functional type framework in global land models. Using observed C:N:P stoichiometry and the flexibility of these ratios as emergent plant traits, we show that observationally constrained fixed plant stoichiometry does not improve model estimates of present‐day C dynamics compared with unconstrained stoichiometry. However, adopting stoichiometric flexibility significantly improves model predictions of C fluxes and stocks. The 21st century simulations with RCP8.5 CO2 concentrations show that stoichiometric flexibility, rather than baseline stoichiometric ratios, is the dominant controller of plant productivity and ecosystem C accumulation in modeled responses to CO2 fertilization. The enhanced nutrient limitations and plant P use efficiency mainly explain this result. This study is consistent with the previous consensus that nutrient availability will limit xfuture land carbon sequestration but challenges the idea that imbalances between C and nutrient supplies and fixed stoichiometry limit future land C sinks. We show here that it is necessary to represent nutrient stoichiometric flexibility in models to accurately project future terrestrial ecosystem carbon sequestration.