The interaction of vegetation with the groundwater is one of the key mechanisms affecting the dynamics of wetland plant ecosystems. The main feature of these interactions is the feedback between the downward shift of the water table caused by riparian vegetation and the emergence of soil aeration conditions favorable to plant establishment, growth, and survival. We develop a conceptual framework to explain how vegetation–water table feedbacks may lead to the emergence of multiple stable states in the dynamics of wetland forests and riparian ecosystems. This framework is used to investigate the sensitivity of these ecosystems to vegetation disturbances and changes in water table depth. As a result of these feedbacks, such ecosystems are prone to catastrophic shifts to an unvegetated state. Because of their competitive advantage, water‐tolerant and shallow‐rooted species can replace the original vegetation, contributing to the occurrence of vegetation succession in riparian zones and to the existence of alternative vegetation states between areas with shallow and deep water tables.