Several studies have been conducted on the response of crops to greater concentrations of atmospheric CO2 (CO2 fertilization) as a result of climate change, but only few studies have evaluated this effect on multipurpose agroforestry tree species in tropical environments. The objectives of this study were to quantify differences in growth parameters and in leaf carbon (C) and nitrogen (N) concentrations of Cedrela odorata L. and Gliricidia sepium (Jacq.) Walp. seedlings under current ambient temperature (32°C daytime, 22°C night time) and CO2 (360 ppm) (AMB); CO2 fertilization (800 ppm, 32°C daytime, 22°C night time) (fCO2); elevated ambient temperature (360 ppm, 34°C daytime, 25°C night time) (TEMP); and a combination of elevated temperature (32°C daytime, 22°C night time) and CO2 fertilization (800 ppm) (TEMPxfCO2). Results showed significant differences (P < 0.05) in seedling growth parameters (seedling height, number of stem leaves, leaf area ratio, shoot and root biomass, and shoot/root ratio) between treatments for both tree species. The greatest increases in growth parameters occurred in the TEMP and TEMPxfCO2 treatments compared to the AMB treatment for both tree species. However, growth parameters were significantly lower (P < 0.05) in the fCO2 treatment compared to that of the AMB treatment. Leaf N concentration was 1.1 to 2.1 times lower (P < 0.05) in all treatments when compared to current ambient conditions (AMB) in both tree species, but no significant changes in leaf C concentrations were observed. Results from our study suggested that fCO2 had the greatest negative impact on tree growth parameters, and leaf N concentrations were affected negatively in all treatments compared to current ambient conditions. It is expected that such changes in growth parameters and plant N content may impact the long‐term cycling of nutrients in agroforestry systems.