To enhance the plantation performance of Swietenia humilis Zucc., a threatened precious woody species from the dry tropics of Latin America, this study examined its morpho-physiological responses to variations in nutrient and light availability. We established a nursery trial with factorial treatments: three levels of fertilization (4, 6, and 8 g L−1 of substrate using a controlled-release fertilizer, CRF, 18-6-12) and two shade intensities (60% and 40%), alongside a full sun treatment. The field performance of nursery-raised plants was evaluated under two site conditions (with and without mechanical soil preparation) over 48 months. In the nursery, S. humilis exhibited diverse morpho-physiological characteristics influenced by the studied factors, with optimal growth observed at 6 g of the CRF and 40% shade. Mechanical soil preparation significantly improved plant survival, reducing mortality risk by 99.16% and increasing survival probability to nearly 75%. Height growth was also enhanced, being 2.5 times greater in the prepared site compared to that in the unprepared one. S. humilis showed acclimatization in the field, producing new foliage with high chlorophyll content. In conclusion, nursery management and soil site preparation influence the field performance of S. humilis. These findings have practical implications for improving the management of S. humilis in plantations across the dry tropics.