Recently, new alternative matrices of biodiversity such as phylogenetic and functional diversity as a complement to species diversity have provided new insights into the mechanisms of community assembly. In this study, we analyzed the phylogenetic signals of five functional traits and the relative contribution of environmental variables and distance matrices to the alpha and beta components of taxonomic, phylogenetic and functional diversity in woody plant assemblages along four local elevational transects on two different mountains. We observed low but significant phylogenetic signals of functional traits, which suggest that phylogenetic dispersion can provide a rough approximation of functional dispersion but not perfect correlations between phylogenetic and functional diversity. Taxonomic alpha diversity showed a monotonic decline with elevation, and climatic variables were the main drivers of this pattern along all studied transects. Furthermore, although the phylogenetic and functional alpha dispersions showed different elevational patterns including increase, decrease and no relationship, the underlying processes driving the patterns of both types of alpha dispersion could be explained by the gradients of climatic and habitat variables as well as biotic interactions such as competition. These results suggest that both alpha dispersion patterns may be significantly controlled by niche-based deterministic processes such as biotic interactions and environmental filtering in our study areas. Moreover, the beta diversity with geographical distances showed distance-decay relationships for all transects. Although the relative importance of the environmental and geographical distances for beta diversity varied across the three facets of diversity and the transects, we generally found that environmental distances were more important for the beta components of the three facets of diversity. However, we cannot discriminate the effects of both distances on the three facets of diversity. Therefore, our study suggests that niche-based deterministic processes, potentially combined with neutral processes such as dispersal limitation and demographic stochasticity, may influence patterns of woody plant assemblage turnover in our study areas.