The intensity and frequency of drought have increased considerably during the last decades in southeastern Europe, and projected scenarios suggest that southern and central Europe will be affected by more drought events by the end of the 21st century. In this context, assessing the intraspecific genetic variation of forest tree species and identifying populations expected to be best adapted to future climate conditions is essential for increasing forest productivity and adaptability. Using a tree-ring database from 60 populations of 38-year-old silver fir (Abies alba) in five trial sites established across Romania, we studied the variation of growth and wood characteristics, provenance-specific response to drought, and climate-growth relationships during the period 1997–2018. The drought response of provenances was determined by four drought parameters: resistance, recovery, resilience, and relative resilience. Based on the standardized precipitation index, ten years with extreme and severe drought were identified for all trial sites. Considerable differences in radial growth, wood characteristics, and drought response parameters among silver fir provenances have been found. The provenances’ ranking by resistance, recovery, and resilience revealed that a number of provenances from Bulgaria, Italy, Romania, and Czech Republic placed in the top ranks in almost all sites. Additionally, there are provenances that combine high productivity and drought tolerance. The correlations between drought parameters and wood characters are positive, the most significant correlations being obtained between radial growth and resilience. Correlations between drought parameters and wood density were non-significant, indicating that wood density cannot be used as indicator of drought sensitivity. The negative correlations between radial growth and temperature during the growing season and the positive correlations with precipitation suggest that warming and water deficit could have a negative impact on silver fir growth in climatic marginal sites. Silvicultural practices and adaptive management should rely on selection and planting of forest reproductive material with high drought resilience in current and future reforestation programs.