The combined effects of water stress (WS) and low irradiance (LI) on growth, photosynthesis, osmotic adjustment, and lipid peroxidation were studied in dragon spruce (Picea asperata Mast.) seedlings grown under two water treatments (well watered, 100 % of field capacity, and water stressed, 30 % of field capacity) and two irradiances (HI, 100 % of full sunlight and LI, 15 % of full sunlight). WS reduced growth, chlorophyll (Chl) a and b contents, net photosynthetic rate, transpiration rate, stomatal conductance, and effective quantum yield of photosystem 2 (Y) but increased free proline and malondialdehyde contents. LI increased Chl contents and decreased Y, photochemical quenching (qP), and non-photochemical quenching (qN) under both water treatments. Hence the seedlings in the understory were more sensitive to drought than to LI. and Y. Yang ... [et al.].