The objective of this paper is to clarify the effects of multiple environmental conditions, elevated atmospheric CO2 concentration ([CO2]) and soil conditions on the physiological and morphological properties of Alnus hirsuta Turcz., an N2-fixing species, to predict its responses to environmental changes. We examined the responses of photosynthetic properties, leaf characteristics, biomass and N allocation of A. hirsuta to elevated [CO2], soil N and phosphorus availability, and soil drought by using the results of two experiments. The effects of P availability were more marked than those of N availability and soil drought. The photosynthetic responses of A. hirsuta to elevated [CO2] under high P were considered to be ‘photosynthetic acclimation’, while A. hirsuta presented the obvious ‘photosynthetic downregulation’ to elevated [CO2] under low P. Soil P availability affected the growth responses to elevated [CO2] through effects on these photosynthetic properties and biomass allocation. Though elevated [CO2] caused no marked change in the allometric relationships in biomass, with some exceptions, the responses of N allocation among tissue to elevated [CO2] differed from those of biomass allocation. These results suggest that it is necessary to evaluate N mass allocation as well as biomass when we consider the N2-fixing ability of Alnus under elevated [CO2].