To investigate the effects of drought stress and subsequent re-watering on photosynthetic characteristics of seedlings from two different provenances of Quercus variabilis Bl., we mea sured the growth, gas exchange, and chlorophyll fluorescence parameters of seedlings under different water treatments (normal irrigation, slight drought, moderate drought, and severe drought) and following rewatering. The results showed that the growth of seedlings was inhibited by drought stress, and it was most strongly affected under severe drought stress. Gas exchange parameters, such as P_n, G_s, T_r and WUE, had decreasing trends, while L_s showed the upward trend with the increases of drought stress. Chlorophyll fluorescence parameters, such as F_v/F_o, F_v/F_m, ETR and Φ_PSⅡ, showed decreasing trends with the increasing intensity of drought stress. The NPQ value increased under moderate drought and declined under severe drought. The response of many chlorophyll fluorescence parameters to drought stress was consistent with that of some gas exchange parameters. For example, the highest response was found under severe drought. Re-watering after drought stress resulted in somewhat recovery of these physiological parameters. Generally, the relative changes of these parameters of seedlings from the Laojun Mountain provenance were higher than those from the Beipo Mountain provenance, and the recovery of seedlings from Laojun Mountain provenance was lower than that of the Beipo Mountain provenance after re-watering. In conclusion, the drought tolerance and resilience of seedlings from the Beipo Mountain provenance were better than those from Laojun Mountain provenance.