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To investigate if Eucalyptus species have responded to industrial‐age climate change, and how they may respond to a future climate, we measured growth and physiology of fast‐ (E. saligna) and slow‐growing (E. sideroxylon) seedlings exposed to preindustrial (290), current (400) or projected (650 μL L⁻¹) CO₂ concentration ([CO₂]) and to current or projected (current +4 °C) temperature. To evaluate maximum potential treatment responses, plants were grown with nonlimiting soil moisture. We found that: (1) E. sideroxylon responded more strongly to elevated [CO₂] than to elevated temperature, while E. saligna responded similarly to elevated [CO₂] and elevated temperature; (2) the transition from preindustrial to current [CO₂] did not enhance eucalypt plant growth under ambient temperature, despite enhancing photosynthesis; (3) the transition from current to future [CO₂] stimulated both photosynthesis and …