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Global climate change is expected to affect how plants respond to their physical and biological environments. In this study, we examined the effects of elevated CO2 ([CO2]) and low soil moisture on the physiological responses of mountain maple (Acer spicatum L.) seedlings to light availability. The seedlings were grown at ambient (392 µmol mol−1) and elevated (784 µmol mol−1) [CO2], low and high soil moisture (M) regimes, at high light (100%) and low light (30%) in the greenhouse for one growing season. We measured net photosynthesis (A), stomatal conductance (gs), instantaneous water use efficiency (IWUE), maximum rate of carboxylation (Vcmax), rate of photosynthetic electron transport (J), triose phosphate utilization (TPU)), leaf respiration (Rd), light compensation point (LCP) and mid-day shoot water potential (Ψx). A and gs did not show significant responses to light treatment in seedlings grown at low soil moisture treatment, but the high light significantly decreased the Ci/Ca in those seedlings. IWUE was significantly higher in the elevated compared with the ambient [CO2], and the effect was greater at high than the low light treatment. LCP did not respond to the soil moisture treatments when seedlings were grown in high light under both [CO2]. The low soil moisture significantly reduced Ψx but had no significant effect on the responses of other physiological traits to light or [CO2]. These results suggest that as the atmospheric [CO2] rises, the physiological performance of mountain maple seedlings in high light environments may be enhanced, particularly when soil moisture conditions are favourable. [ABSTRACT FROM AUTHOR]