Cadmium (Cd2+) soil pollution is a global environmental problem caused by the high toxicity of Cd. 24‐Epibrassinolide (EBR) is a biodegradable plant steroid involved in response modulation to biotic and abiotic stresses. The aim of this study was to evaluate if the leaf‐application of EBR improves the gas exchange and possible repercussions on leaf anatomy in young Eucalyptus urophylla plants exposed to Cd toxicity. The experiment involved six treatments, which included three Cd concentrations (0, 450, and 900 μM) and two EBR concentrations (0 and 100 nM, described as – EBR and + EBR, respectively). Plants exposed to Cd toxicity suffered decreases in leaf anatomical and gas exchange parameters. However, the plants treated with EBR + 900 μM Cd showed an increase of 46%, 40%, and 54% in the net photosynthetic rate, water‐use efficiency, and instantaneous carboxylation efficiency, respectively. The EBR application‐induced improvements in gas exchange parameters, causing beneficial effects on the photosynthetic apparatus, mainly the effective quantum yield of photosystem II (PSII) photochemistry and electron transport rate. Furthermore, this steroid mitigated the effect of Cd toxicity on leaf anatomical variables, more specifically palisade and spongy parenchyma, which are intrinsically related to stomatal density, and stimulated the net photosynthetic rate of plants.