The shoot apical meristem (SAM) is a crucial tissue located at the tops of plants which can continually grow and differentiate to develop into all aboveground parts. SAM development is controlled by a series of complicated molecular regulation networks, among which microRNAs (miRNAs) and their target genes play key roles. However, little is known about these miRNAs in woody plants. In this study, we used small RNA (sRNA) sequencing to build four libraries derived from shoot tips and mature leaf tissues of Populus tomentosa, and identified 99 known miRNA families. In addition, 193 known miRNAs, including phytohormone-, developmental-, and cellular process-related miRNAs, showed significant differential expression. Interestingly, quantitative real-time reverse transcription polymerase chain reaction (PCR) analysis of miR172, miR164, and miR393 expression showed marked changes in expression patterns during the development of shoot tips. The target genes of these miRNAs were involved in the regulation of hormone responses and stem cell function. In particular, the miR172 target APETALA2 (AP2), involved in the maintenance of stem cells in the shoot apex, was expressed specifically during the initial active stage of development. These findings provide new insights into the regulatory mechanisms of miRNAs involved in SAM development and differentiation in tree species.