Soils in temperate agroecosystems are frequently exposed to extremes of moisture and temperature during which time soil functioning may be negatively affected. The aim of this study was to directly compare the effects of a single dry-wet or freeze-thaw (−5 °C or −20 °C) cycle on extracellular enzyme activity and soil organic matter turnover. We measured the activity of six enzymes before and after imposing the freeze-thaw or dry-rewet events. Our results showed that drying had a much greater impact on total enzyme activity than a −20 °C freezing event (38 vs. 10% reduction, respectively), while freezing at −5 °C had no appreciable effect. Enzyme activity recovered back to control levels relatively quickly which we ascribe to de novo exoenzyme production (within 3 d for the −20 °C freeze-thaw treatment and 14 d for the dry-wet treatment). We added 14C-labelled plant residues to the soil prior to imposing the same thermal or moisture stress events. Monitoring residue decomposition before and after imposing the treatments indicated that none of the stress regimes greatly affected organic matter turnover rates. Our results did reveal, however, a pulse of 14CO2 which was produced during the drying and freezing events themselves. We ascribe this to a shift in microbial metabolism and the production of stress avoidance metabolites (e.g. osmo- and cryo-protectants, membrane lipids). Our work highlights that extreme weather events may affect exoenzyme activity, however, these responses are transitory and are unlikely to greatly affect soil organic matter cycling unless they occur at high frequency.