Carbon assimilation is reduced by stress. Under such conditions, the trade-off between growth and non-structural carbohydrate (NSC) storage becomes crucial for plant survival and continued growth. However, growth and NSC responses to drought and shading in Pinus massoniana Lamb. remain unclear. Here, we investigated the effects of drought, shading, and combined drought and shading on leaf gas exchange parameters, stem basal diameter, plant height, biomass accumulation, and NSC concentration in 2-year old seedlings after a 2 month treatment. The results showed that (1) both drought and shading significantly reduced photosynthetic rate, increment of stem basal diameter and plant height, and biomass accumulation, while NSC concentration increased under drought but decreased under shading; (2) the combined drought-shading treatment had a stronger effect on photosynthetic rate and growth than either stress factor individually, whereas the concentration of NSC did not change significantly; and (3) drought, shading, and their combination had a lower effect on biomass than on NSC partitioning, in which case clear effects were observed. Drought increased NSC proportion in roots by 5.4%; conversely, shading increased NSC proportion in leaves by 3.7%, while the combined treatment increased NSC proportion in roots by 5.1% but decreased it in the leaves by 5.4%. These results suggest that the mechanism inhibiting P. massoniana growth is different under drought and shading conditions according to carbon partitioning. Furthermore, complex environmental stress may lead to different mechanisms of carbon partitioning compared with either dry or shaded environments. Our findings will be helpful in predicting the impact of climate change on P. massoniana growth.Non-structural carbohydrate (NSC), a carbon reserve for energy and biosynthesis, provides energy for physiological processes (e.g., metabolism, cell turgor maintenance, and embolism repair) [21,22] and plant growth [23]. Plants enriched with higher NSC concentrations can maintain metabolic functions for survival and long-term growth [22,24,25], and their resistance to stressful environments is increased [26]. Both drought and shading cause an imbalance in organic carbon supply and demand that results in a trade-off between plant growth and NSC storage [27][28][29][30][31], which in turn affects plant growth and stress tolerance [32,33]. Therefore, monitoring changes in NSC concentration should be informative for predicting trends in plant growth. However, evidence on the trade-off between plant growth and NSC storage is inconclusive, as it depends on species [34], ontogeny [27], and stress type [35]. According to the photosynthate allocation mechanism proposed by Brouwer [36], we can infer that NSC allocation to corresponding functional organs might be enhanced under stressful conditions. However, there is a dearth of evidence on the variation of NSC allocation, especially under conditions of drought and shading stress.Plant growth under field conditions is affected not only ...