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Gaps between military resources and planned capabilities caused by spending cuts "could become quite dangerous, quite quickly", the Army's head says.
Chief of the General Staff General Sir Peter Wall said further efficiencies would be "very disruptive".
Sir Peter's comments came ahead of the government's Whitehall spending review on 26 June.
The MoD said it wanted to find savings that "protect front-line capabilities and protect military manpower numbers".
'Professional competence'
Asked on Sky News documentary Britain's Last War about further cuts to the defence budget, Sir Peter said: "We have got to the point in a number of parts in our set-up where we can't go any further without seriously damaging our professional competence and our chances of success in the battlefields of the future.
"It would be a brave claim to say an organisation can never make more efficiencies but we do need the time to let our new structures bed in, for those efficiencies to get delivered.
"Imposing more on us now, before the last round of efficiencies have really materialised properly in a balanced way, would be very disruptive."
The UK's most senior officer in Afghanistan, Lt Gen Nick Carter, told the documentary that politicians should "look themselves in the mirror each morning" and ask if the risks of cuts were manageable.
'Huge gamble'
Chancellor George Osborne is hoping to save £11.5bn across government in his spending review for 2015-16.
There will be a guaranteed 1% increase in defence equipment budgets but Defence Secretary Philip Hammond is expected to have to find a 5% cut overall.
Labour said the government was taking a "huge gamble".
Shadow defence minister Kevan Jones said: "The government have cut the Army without a replacement plan in place. The country will worry about strategic shrinkage by stealth."
The MoD said it was currently negotiating its financial settlement for the spending review.
An MoD spokeswoman said: "Although no final decisions have been taken we have been clear that we would first and foremost seek to find genuine efficiencies that would enable us protect front-line capabilities and protect military manpower numbers.
"Whilst this process is ongoing it would be inappropriate to comment further."
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