The endemic Moroccan species Argania spinosa is considered the most grazed tree species in its distribution area. Since grazing exerts an important effect on plant performances, we attempted to explore the impact of grazing on A. spinosa. Thus, we performed a comparative field experiment where seasonal variations of gas exchange, photochemical efficiency, relative water content, photosynthetic pigment content, and stomatal features were assessed in grazed and ungrazed trees. The net photosynthetic rate was increased in grazed trees in spring and autumn, the favorable seasons. Enhancement of photosynthetic performance may be due to the high stomatal conductance registered in grazed trees. This mechanism may compensate for the lost leaf area, in order to recover from grazing stress. In addition, grazed trees exhibit a better photochemical efficiency, use water more economically and show lower oxidative stress. However, results obtained in summer show that the compensation mechanism could be limited by summer drought. Since the key to preserving the future of forests is sustainable forest management, our results suggest that proper grazing management can be a control tool to increase plant performance and improve species resilience.