Elevated atmospheric CO2 (EC) can enhance photosynthesis, biomass accumulation and water-use efficiency (WUE), but responses depend on water and nutrient availability and vary among plant species. Studies testing these interactions in multifactorial designs remain scarce. We examined the interactive effects of EC (~700 μmol mol–1), nitrogen supply (nitrogen addition, N+; no nitrogen addition, N–) and water availability (well-watered, WW; drought-stressed, DS) on physiological and metabolic responses of anisohydric European beech (Fagus sylvatica) and isohydric Norway spruce (Picea abies) saplings.Across both species, EC produced the largest overall shifts in gas exchange and metabolite profiles, while drought and low N strongly modified EC responses. Under EC, net CO2 assimilation increased despite reduced stomatal conductance, resulting in higher WUE, with the strongest increase under EC×DS×N+. In beech, EC was associated with photosynthetic downregulation, reflected in lower Rubisco carboxylation capacity (VCmax) and electron transport rate (Jmax), most evident under DS×N– conditions. This response was accompanied by stronger stomatal closure, lower succinate and tissue N, and reduced protective metabolites such as glycine betaine and γ-aminobutyric acid, whereas stress-related amino acids (proline, asparagine and methionine) and phenolics (syringic and vanillic acids) increased. In contrast, spruce maintained VCmax and Jmax under EC even under DS×N–, alongside lower abscisic acid and higher phenolic-based defence metabolites (kaempferol, quercetin and caffeic acid).Overall, our findings indicate contrasting acclimation strategies under EC: beech relies on flexible but stress-sensitive metabolic adjustments, whereas spruce maintains a more conservative physiology, supporting resilience under CO2 enrichment and resource limitation.