Forest stand reflectance at the canopy level results from various factors, such as vegetation chemical properties, leaf morphology, canopy structure, and tree sizes. These factors are dependent on the species, age, and health statuses of trees, as well as the site conditions. Sentinel-2 imagery with the high spatial, spectral, and temporal resolution, has enabled analysis of the relationships between vegetation properties and their spectral responses at large spatial scales. A comprehensive study of these relationships is needed to understand the drivers of vegetation spectral patterns and is essential from the point of view of remote sensing data interpretation. Our study aimed to quantify the site and forest parameters affecting forest stands reflectance. The analysis was conducted for common beech-, silver fir- and Scots pine-dominated stands in a mountainous area of the Polish Carpathians. The effect of stands and site properties on reflectance in different parts of the growing season was captured using the dense time series provided by Sentinel-2 from 2018–2019. The results indicate that the reflectance of common beech stands is mainly influenced by elevation, particularly during spring and autumn. Other factors influencing beech stand reflectance include the share of the broadleaved understory, aspect, and, during summer, the age of stands. The reflectance of coniferous species, i.e., Scots pine and silver fir, is mainly influenced by the age and stand properties, namely the crown closure and stand density. The age is a primary driver for silver fir stands reflectance changes, while the stand properties have a large impact on Scots pine stands reflectance. Also, the understory influences Scots pine stands reflectance, while there appears to be no impact on silver fir stands. The influence of the abovementioned factors is highly diverse, depending on the used band and time of the season.