The growth and certain physiological characters of Phoebe ckekiangensis seedlings under various soil moisture stress were studied. With the increasing of soil moisture, the individual leaf area,the leaf dried mass per seedling,the leaf fresh mass per seedling and leaf area per leaf dried mass(LAM)increased, but the leaf thickness and succulence degree decreared; The content of leaf chlorophyll was sensitive to soil moisture,under 5 kinds of different soil moisture status and the content of leaf chlorophyll was distinct. The drought and inundation were much destructive to the synthesis of both chlorophyll a and chlorophyll b. Under the light drought condition, the change of the containing water content, water saturation deficit and water potential were not evident, but under the serious drought condition, the containing water content and water potential fell, the water saturation deficit increased;the soil moisture status affected the net photosynthetic rate(Pn), serious drought would result in the smaller Pn, and seedlings’growth slowed down.