The effect of drying on the cation (CEC) and anion (AEC) exchange capacity, and on potassium (K) and magnesium (Mg) adsorption by three New Zealand soils was investigated. Air‐drying resulted in no significant changes in these properties compared with the field‐moist samples. Oven‐drying at 105°C significantly decreased the CEC and increased the AEC of most soils compared with air‐dried samples. The decrease in CEC was related to increased solubility of organic matter and a decrease in surface area on which charge could be developed. The increase in AEC was attributed to a decrease in soil pH.