A 5-year experiment was conducted to study the effects of simulated elevated CO2 concentration, nitrogen deposition, and their combination on the biomass accumulation and allocation in five south subtropical native tree species Schima superba, Ormosia pinnata, Acmena acuminatissima, Syzygium hancei, and Castanopsis hystrix and their mixed communities. The test tree species had different responses in their biomass accumulation and allocation to the elevated CO2 concentration and nitrogen deposition. Elevated CO2 concentration and nitrogen deposition increased the biomass of legume species by 49.3% and 71.0%, respectively, and promoted the biomass accumulation in sun species. Nitrogen deposition increased the biomass of shade-preference species significantly, but elevated CO2 concentration was in adverse. Elevated CO2 concentration inhibited the biomass allocation in the belowground part of sun species but promoted the biomass allocation in the belowground part of shade-preference species. Elevated CO2 concentration, nitrogen deposition, and their interaction all promoted the biomass accumulation in mixed communities. Elevated CO2 concentration increased the biomass accumulation in the belowground part of the communities, while nitrogen deposition increased the biomass accumulation in the aboveground part. Under the background of global climate change, Ormosia pinnata and Castanopsis hystrix tended to be the appropriate species for carbon fixation in south subtropical area.