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In Mediterranean environments, light and water are clearly dominant ecological drivers of seedling growth and survival, and their interaction could modify productivity and forest composition. We examine the early response of seedlings of four co-occurring Mediterranean tree species (<i>Pinus pinea, Juniperus thurifera</i>, <i>Quercus ilex</i> and <i>Quercus faginea</i>) grown in the nursery to differing light and water availability conditions. Morphological (survival, height, biomass) and physiological (shoot midday water potential, net photosynthesis, transpiration rate, stomatal conductance, Fv/Fm, PSII and ETR) traits were studied, along with biomass allocation traits and drought resistance and plasticity indices. A significant effect of both factors was mainly shown for growth and morphological traits, while survival, physiological traits and allometry were affected by either water availability or light, being more remarkable the effect of water availability over light. Drought severely limited <i>Q. faginea</i>’s survival under both light intensities. The high plasticity of <i>J. thurifera</i> and <i>Q. ilex</i> seedlings to different light and water availability environments will confer these two species with an adaptive advantage in the early growth stages in comparison with <i>P. pinea</i> and <i>Q. faginea</i> seedlings. Thus, to maintain the codominance of the four species, silvicultural interventions should focus on the joint management of all of them.